Strategic Management Process Paper Mgt/491
Strategic Management Process Paper
Devon Knowles
MGT/498
September 15, 2014
Peter Baverso
Strategic Management Process The strategic management process consists of four major components; they are environmental scanning, strategy formulation, strategy implementation, and evaluation and control. They each are broken down into their specific roles within the strategic management process. The Environmental Scanning is the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation. An easy way to use this component would be SWOT, this acronym stands for Strengths, Weaknesses, Opportunities, and Threats and it shows the strategic factors for each individual company. The next component of the process is the Strategy Formula and that is the development of long-range plans …show more content…
Strategies Implementation is the process of which strategies and polices are put into action through the development of programs, budgets, and procedures. This process can cause changes to happen within a company such as, overall culture, structure, and management system of the entire organization. When a corporate wide change is needed the implementation of strategy will be conducted by the middle and lower level management, and then the higher management team would review those changes. This can be called operational planning as well and that would implement day to day changes. The last process of the strategic management process is evaluation and control; this is the process which corporate activities and performance results are monitored so that the performance that is happening now can be compare to what is expected. This would apply to managers on all levels and they use this information to take corrective action and resolve any problems. This part of the process can
Devon Knowles
MGT/498
September 15, 2014
Peter Baverso
Strategic Management Process The strategic management process consists of four major components; they are environmental scanning, strategy formulation, strategy implementation, and evaluation and control. They each are broken down into their specific roles within the strategic management process. The Environmental Scanning is the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation. An easy way to use this component would be SWOT, this acronym stands for Strengths, Weaknesses, Opportunities, and Threats and it shows the strategic factors for each individual company. The next component of the process is the Strategy Formula and that is the development of long-range plans …show more content…
Strategies Implementation is the process of which strategies and polices are put into action through the development of programs, budgets, and procedures. This process can cause changes to happen within a company such as, overall culture, structure, and management system of the entire organization. When a corporate wide change is needed the implementation of strategy will be conducted by the middle and lower level management, and then the higher management team would review those changes. This can be called operational planning as well and that would implement day to day changes. The last process of the strategic management process is evaluation and control; this is the process which corporate activities and performance results are monitored so that the performance that is happening now can be compare to what is expected. This would apply to managers on all levels and they use this information to take corrective action and resolve any problems. This part of the process can