Mgt 498 Week 4 Strategic Management Process
Strategic Management Process
MGT/498
February 4, 2014
Instructor Name
Strategic Management Process
There are four basic steps in a strategic management process. One of the four steps in the strategic management process begins with environmental scanning; in this first step an organization will evaluate its internal and external environment and all information available to assess what is needed. The management team will also identify strategic factors that will help with the process in determining the goals and objectives of the organization. At this point a SWOT analysis will be an essential part in the first step (Chron, 2014)
The second step in the process is strategy formulation; at this step management will review the information retrieved from the evaluation performed in the first step. Identifying what resources the organizations already has and will need to accomplish the goals and objectives is also part of this step. The team also identifies any potential issues/risk and what possible resolutions could help fix the problems. The organization will specify their expectations and set policies and guidelines to help develop strategies to achieve the organizations overall mission.
The following step is strategy implementation. In this step the management team will take action by assigning responsibilities and duties …show more content…
In the final step is when the monitoring and evaluation is constant to ensure all process are working and if any changes are needed to finalize the process and meet the objectives. The strategic plan is evaluated and compared with desired performance to see how the organization did overall with the process. The management team will continue to evaluate set certain measurements to understand and evaluate clearly the strategic plan in process. These basic steps are very important to ensure an organization is successful as needed and desired (Wheelen, T. L., & Hunger, J. D.,
MGT/498
February 4, 2014
Instructor Name
Strategic Management Process
There are four basic steps in a strategic management process. One of the four steps in the strategic management process begins with environmental scanning; in this first step an organization will evaluate its internal and external environment and all information available to assess what is needed. The management team will also identify strategic factors that will help with the process in determining the goals and objectives of the organization. At this point a SWOT analysis will be an essential part in the first step (Chron, 2014)
The second step in the process is strategy formulation; at this step management will review the information retrieved from the evaluation performed in the first step. Identifying what resources the organizations already has and will need to accomplish the goals and objectives is also part of this step. The team also identifies any potential issues/risk and what possible resolutions could help fix the problems. The organization will specify their expectations and set policies and guidelines to help develop strategies to achieve the organizations overall mission.
The following step is strategy implementation. In this step the management team will take action by assigning responsibilities and duties …show more content…
In the final step is when the monitoring and evaluation is constant to ensure all process are working and if any changes are needed to finalize the process and meet the objectives. The strategic plan is evaluated and compared with desired performance to see how the organization did overall with the process. The management team will continue to evaluate set certain measurements to understand and evaluate clearly the strategic plan in process. These basic steps are very important to ensure an organization is successful as needed and desired (Wheelen, T. L., & Hunger, J. D.,