Strategic Management Process Paper Mgt 498

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  • Topic: Strategic management, Strategy, Management
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Strategic Management Process Paper
MGT 498
January 24, 2013

The long-term performance of a corporation is mostly reliant on managerial decisions and actions, which include internal and external environmental scanning, strategic formulation and implementation, evaluation, and control. All of these characteristics are relatable to the concept of strategic management, which emphasizes “the monitoring and evaluating of external opportunities and threats in light of a corporation’s strengths and weaknesses” (Wheelen, 2010). The primary components of the strategic management process are environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Environmental scanning is described to be “ the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation” (Wheelen, 2010). Environmental scanning is usually used to classify strategic influences that will control the future of the corporation. Strategy formulation is the act of developing long-term plans for the future of a corporation by using the corporation’s strengthens, and weaknesses, for the effective handling of environmental opportunities and threats. Strategy implementation is the putting in action of the strategies formulated by a corporation. Lastly, evaluation and control includes the monitoring of corporate activities and performance in order to compare the actual results, to the ones that are set as goals. Strategic management helps a company sustain long-term performance. For companies that do not practice strategic management, it is very hard to attain and to sustain long-term performance. Most companies when they have finally attained a high performance level will soon experience a decrease in their performance. Strategic management will help a company understand, and realize that the environment around them is constantly changing, and evolving. It also helps a company focus...
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