Natasha Nicole Drew
Management Policy and Strategy
February 12, 2013
Why is Strategy Important to Business?
Strategy is based on the trade off made between the different choices that can be
aligned with a person’s vision for the future, whether far off or going to happen very
soon. This is said to be the foundation of strategy. Business is constantly changing which
means resources are becoming scarcer every day. This drives the need for businesses
to constantly change and innovate new ways to be successful. Leadership and
empowerment to vision is one of the most important tools that will innovate the next
generation of product’s that will potentially exceed the consumer’s expectations.
Strategic management has four steps to its process. The first step is environmental
scanning. Environmental scanning is the process of collecting and providing information
for strategic purposes. This step helps to dissect the internal and external influences on a
business. The second step is strategy formulation; this is where the best course of action
will be decided. After the managers are finished with the environmental scanning they
will formulate the best strategies. The third step is where the managers will work to make
the strategy they decided on work. Strategy evaluation is the fourth and final step. This is
where the managers evaluate all of the activities that have been implemented. Strategic
management is a process that goes on consistently. All of these steps work together to
make the strategies chosen work for the business.
Blankenship, K.(2013).How to Define the Components of Strategic Management retrieved from http://www.ehow.com/print/how_7716792_define-components- v strategic-management.html
Spencer, J.(2013). Why strategic...
Please join StudyMode to read the full document