Components of Sm

Only available on StudyMode
  • Topic: Management, Strategic management, Organization
  • Pages : 2 (484 words )
  • Download(s) : 32
  • Published : May 5, 2013
Open Document
Text Preview
Components of Strategic Management Process can be referred to as procedures to be followed to achieve the purpose of strategic management. This is all part of the continuous process of improving the business in an effort to succeed and reach company goals. Strategic planning was developed as an alternative of then was called long-term planning. Strategic planning is more of leadership driven and vision based. The top management decides on the principles that guide the organization toward established goals.

Components of Strategic Management Process
Components of Strategic Management Process
There are five major Components of Strategic Management Process which includes; 1. Formulation of Strategic Vision Components of Strategic Management Process is the first in the process. It provides the information necessary to create company vision that will in the long run achieve the mission. The management must decide on vision for the organization that is organizations desired future position. A vision gives a company a strong identity; provide a sense of purpose for the company’s activities 1. Setting ObjectivesComponents of Strategic Management Process is to translate the vision and condense it into objectives. These engages the organization into motion and stipulates what distance to cover and by what time. The objective should be    SMART to avoid complacency, internal conflicts and employee strain and stress. 1. Develop Strategies to Meet the Established Objectives

This Components of Strategic Management Process developed after objectives are established which states where to go whiles strategies are developed to describe the means of getting there. Strategies states out what needs to be done and the tools required to make it possible or achievable. 1. Implementing and Executing the Strategy

This Components of Strategic Management Process means turning the strategies into action to meet the desired reaction/objective. Managers develop tasks and...
tracking img