Primary Components of Strategic Management Process
During this week’s assignments, the authors discussed the primary components of the strategic management process. In order for a company to be successful, the company will need to follow the following components:
a. Select the goal that it is setting out to achieve by implementing the new process. It is imminent for the company to have a mission and a goal to achieve.
b. Analyze the need in the specified area that the company is considering venturing into. The company must look at the various external opportunities and threats.
c. Analyze the company’s current internal processes to identify the internal strengths and weaknesses.
d. Determine a strategy to assist with strengthen the companies weaknesses to process with external opportunities and to bar any threat from hampering the companies pending success.
e. Establish a path to proceed forward with the company’s mission and goals. The company will need to determine a way to analyze the success of the implementation
Importance of Strategic Management Process I believe that it is essential to use the strategic management process when implementing a new company or a new idea. Many companies use a SWOT analysis. A SWOT analysis allows a company to perform the strategic planning process by determining the strengths, weakness, opportunities, and threats that may be encountered when offering a new product or starting a new