In a competitive business environment and volatile economic conditions, it is a prerequisite that organizations execute due diligence in preparing for the future. Businesses are not only challenged with attracting new consumers but also faced with retaining existing clients. The requirement to know principal drivers in specific marketplaces to develop and position products and services to remain a viable customer focused establishment is crucial in maintaining customer bases. These factors are an indispensable part of understanding strategic management and are considered fundamental essentials. Strategic management is a set of managerial decisions and actions that determine long-run performance of an organization (Wheelen, 2010). The study of strategic management emphasizes the monitoring and evaluating opportunities and threats in light of the corporation’s strengths and weaknesses (Wheelen, 2010). Additionally, strategic management is the ability of a firm to formulate, implement, and evaluate cross-functional decisions that will enable the business to achieve its objectives. The purpose of this paper describes the primary components of a strategic management process and why the process is needed in an organization. Primary Components
Strategic management embodies concepts and techniques that are relevant components to ensuring that the planning and execution strategies are accomplished. The primary models of strategic management are environmental scanning, strategy formulation, strategy implementation, and strategy evaluation. These components detail and explain the company’s mission, internal and external analysis, comparing the environment to internal capabilities, and implementing processes that will assist in achieving organizational objectives.
The Starbucks organization is regarded as a cutting edge business in the global marketplace. Starbuck’s strategic architecture...