Mgt 498 Strategic Management Process Paper
Strategic Management Process Paper
Olyn Grant
MGT/498
July 30, 2014
Lillie Hibbler-Britt
Strategic Management Process Paper
In this paper I will describe the four components of a strategic management process; Environmental Scanning, Strategy Formulation, Strategy Implementation, and Evaluation and Control. In addition, I will indicate why company needs a strategic management process. I will also provide examples of the strategic process my company has taken to meet its goals and objectives.
Environmental Scanning is defined as the monitoring, evaluating and dissemination of information to key personnel within the organization (Thomas L. Wheelen, 2010). This is often done through the use of various tools, one being the Strengths, Weakness, Opportunities and Threats (SWOT) Analysis. SWOT analysis allows organizations to identify internal and external factors that might otherwise impact a project. I’m currently involved in a systems conversion project at work where a co-worker and I were tasked with creating a similar document. …show more content…
Wheelen, 2010). Mission statements define a company’s purpose to the world. For example, my company’s mission statement is that we;
“We develop and manufacture pharmaceuticals of the highest quality. We meet current and future customer needs through smart investments in R&D. We deliver best-in-class service and superior value. We celebrate the many cultures of our global team. We enhance the communities in which we live and work. We build shareholder value in all we do.”
It also mentions our goal which is to make smart investments to increase shareholder value. This is all accomplished through the development of policies and procedures which aid employees in making decisions in-line with our core values and
Olyn Grant
MGT/498
July 30, 2014
Lillie Hibbler-Britt
Strategic Management Process Paper
In this paper I will describe the four components of a strategic management process; Environmental Scanning, Strategy Formulation, Strategy Implementation, and Evaluation and Control. In addition, I will indicate why company needs a strategic management process. I will also provide examples of the strategic process my company has taken to meet its goals and objectives.
Environmental Scanning is defined as the monitoring, evaluating and dissemination of information to key personnel within the organization (Thomas L. Wheelen, 2010). This is often done through the use of various tools, one being the Strengths, Weakness, Opportunities and Threats (SWOT) Analysis. SWOT analysis allows organizations to identify internal and external factors that might otherwise impact a project. I’m currently involved in a systems conversion project at work where a co-worker and I were tasked with creating a similar document. …show more content…
Wheelen, 2010). Mission statements define a company’s purpose to the world. For example, my company’s mission statement is that we;
“We develop and manufacture pharmaceuticals of the highest quality. We meet current and future customer needs through smart investments in R&D. We deliver best-in-class service and superior value. We celebrate the many cultures of our global team. We enhance the communities in which we live and work. We build shareholder value in all we do.”
It also mentions our goal which is to make smart investments to increase shareholder value. This is all accomplished through the development of policies and procedures which aid employees in making decisions in-line with our core values and