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Mgt/498 Strategic Management Essay

1094 words - 5 pages

Strategic Management Process Paper
Miguel Valdez
MGT/498
August 17, 2015
Paul Kramer
Strategic Management Process Paper
Describe the primary components of a strategic management process, and indicate why a strategic management process is needed for a company.
Strategic Management is a set of managerial decisions and actions that determines the long-run performance of a corporation. It includes environmental scanning, strategy formulation, strategy implementation, and evaluation and control. The study of strategic management, therefore, emphasizes the monitoring and evaluating of external opportunities and threats in light of a corporation’s strengths and weaknesses.
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It includes defining the corporate mission, specifying achievable objectives, developing strategies, and setting policy guidelines. An organization’s mission is the purpose or reason for the organization’s existence. It tells what the company is providing to society either a service such as housecleaning or a product such as automobiles. A well-conceived mission statement defines the fundamental, unique purpose that sets a company apart from other firms of its type and identifies the scope or domain of the company’s operations in terms of products offered and markets served. However, Research reveals that firms with mission statements containing explicit descriptions of customers served and technologies used have significantly higher growth than firms without such a mission statement. A mission statement may also include the firm’s values and philosophy about how it does business and treats its employees. It puts into words not only what the company is now but also, what it wants to become. In addition, the mission statement refers to management’s strategic vision of the firm’s future. The mission statement promotes a sense of shared expectations in employees and communicates a public image to important stakeholder groups in the company’s task environment. Some people like to consider vision and mission as two different concepts: Mission describes what the organization is now; vision describes what the organization would like to become. However, the preference is to combine these ideas into a single mission statement.
Strategy implementation is a process by which strategies and policies are put into action through the development of programs, budgets, and procedures. This process might involve changes within the overall culture, structure, and/or management system of the entire organization. Except, when such drastic corporate wide changes are needed, however, the implementation of strategy is typically conducted by middle and lower level managers, with review by top management. Sometimes referred to as operational planning, strategy implementation often involves day-to-day decisions in resource allocation. A program is a statement of the activities or steps needed to accomplish a single use plan. It makes a strategy action oriented. It may involve restructuring the corporation, changing the company’s internal culture, or beginning a new research effort.
Evaluation and control is a process in which corporate activities and performance results are monitored so that actual performance can be compared with desired performance. Managers at all levels use the resulting information to take corrective action...

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