July 30, 2014
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. Throughout my career I’ve used tools such as this to gage the viability of ideas, suggestions and recommendations as well as to develop project plans.
Strategy Formulation is defined as the development of plans to manage opportunities and threats through the use of goal setting, creating policies, and developing a corporate mission (Thomas L. 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
Bibliography: Thomas L. Wheelen, J. D. (2010). Concepts in Strategic Management and Business Policy Achieving Sustainability, Twelth Edition. Pearson Education.