Why Strategy Is Important

Topics: Management, Strategic management, Business Pages: 3 (306 words) Published: February 19, 2013

Natasha Nicole Drew


Kaplan University

Management Policy and Strategy

Nathan Boyer

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...
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