Strategic Management Process
March 24, 2014
Strategic Management Process
The process of strategic planning is something all successful businesses use to establish a solidified structure with the potential for financial growth. Stakeholders have the responsibility to understand and interpret the strengths, weaknesses, and risks involved with the company. The business term for this process is referred to as SWOT analysis. Strategic management has been proven to be essential for the finance, human resources, marketing and management of a company. Throughout the research process, every company establishes a thought out strategic plan for continual success. Each of the following companies actively uses strategic planning: Coca Cola, Pepsi, Southern Wines & Sprit, Macy’s, Wal-Mart, and Target. Furthermore, strategic ...view middle of the document...
Successful organizations will always beginning with successful planning; this process will permit a company to establish their internal and external strengths, weaknesses, and opportunities. The discussion of the previously mentioned topics will be critical to how shareholders will be able to approach the good and bad areas of the organization in regards to internal and external operations. SWOT provides a company with the beginning, a checkpoint, and permits the shareholders to continuously evaluate the process. The second step of strategic planning is establishing objectives and goals based on what the consumer wants. The company is able to determine what the consumer wants through a series of surveys, which put the organization in the best perspective possible when creating ideas. Furthermore, a portfolio analysis is used in order to offer shareholders new ideas and various ways to present new products. The same products can also be presented in different ways; this can potentially alter how products are presented and the different ways to provide services. Strategic management is composed of different phases, but this is the final phase. A portion of strategic management includes evaluating and supervising the firm’s progress in regards to strategic objectives. Organizations that follow this process will repeatedly revisit the plan in order to ensure business profit potential is being maximized. The implementation of strategic planning will allow organizations the chance to make alterations and adjustments to objectives that do not benefit the overall plan. In general, the process is important to ensure the company is making progress. In other words, the strategic plan is referred to as the root to the success of the organization.
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