Strategic Management Process Paper

661 words - 3 pages

Strategic Management Process Paper

“Strategic management is a set of managerial decisions and actions that determines the long-run performance of a corporation. It emphasizes the monitoring and evaluating of external opportunities and threats in light of a corporation’s strengths and weaknesses.” (Wheelen & Hunger 2010). It short it is the planning, environmental scanning, and industry analysis for the company. It can be broken out in four phases:
Phase 1-Basic financial planning: Managers plan and propose the following year’s budget. They perform this task on very little information given from within the firm. In short it’s a projection/estimate of the following years proposed ...view middle of the document...

Rather than attempting to forecast the future, the plans simulates probable scenarios and contingency strategies for common situations.
Strategic management plan is so crucial for company, if you don’t how you’re doing, how can you plan where you’re going? And if you have no idea where you want to go, how can you plan how to get their? These are the troublesome questions of companies, which are harder to answer than one would image. However they need to be answered and a plan must be implemented in order to carry them out once answered.
I chose to evaluate Apple Inc. Strategic management since I’ve recently investigated them on other projects as well as for my own personal reasons. Apple Inc has vision to think different, and therefore be different. Apple Inc Managers make decisions about whether the company will perform different activities and if they will execute the same activities differently than the competition. Which is the very reason they were able to survive the economy downfall and be ahead of the bubble. They are constantly thinking of innovating ways to deliver to their loyal customer...

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