Strategic Management Process Explained
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Explain the Strategic Management process. Include the different aspects of the Strategic Management process. Include examples from industry.
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Strategic management processes are explained.
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Running Head: STRATEGIC MANAGEMENT PROCESS
Strategic Management Process
Strategic Management Process
Strategic Management Process can be defined as the set of several managerial actions and decision that concludes the long term performance and abilities of the firm. The strategic management process of an organization comprises all four functions of management: planning, organizing, controlling and directing (O'Regan & Ghobaddian, 2002). In simple words, this strategic management process can be explained as the chain of different stapes that are used by the firm to formulate strategic plans (Saxena & Bharadwaj, 2009).
This strategic plan also facilitates the firm to create a common vision and mission. With the help of this strategic management process, the management can highlight the opportunities and threats for the company by considering strengths and weaknesses (Lobontiu, 2002). In addition, this series of strategies plan also comprises goals, objectives, internal and external environment analysis, measuring and controlling and implementation and evaluation process (Wilson & Gilligan, 2005).
Different Aspects of the Strategic Management Process
Identification of Current Mission and Vision:
The first step of strategic management process is to identify the current mission and visions of the business firm. Every organization should have a mission and vision statement to define its strategic goals and objectives (O'Regan & Ghobaddian, 2002).
For instance, the mission of McDonalds is to encourage Variety, Diversity and Inclusion among the Employees, Owners/Operators and Suppliers who stand for the varied populations which are ...
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