Process of Strategic Management Essay

Open, View, and/or
Download this Document

Total Length: 583 words ( 2 double-spaced pages)

Total Sources: 3

Page 1 of 2

Strategic Management Process

Describe the primary components of a strategic management process, and indicate why a strategic management process is needed for a company.

The process of strategic management, according to Alkhafaji (2013), is made up of four key components: environmental scanning, strategy formulation, strategy implementation, and evaluation and control.

Environmental scanning, in the words of the author, "consists of analyzing internal and external factors that may affect the organization and its ability to pursue a given course of action" (Alkhafaji, 2013, p. 33). Of key importance here, therefore, is the collection, scrutiny, as well as provision of information for strategic reasons. Next is strategic formulation, which has got to do with the development of strategic decisions that concern not only an entity's policies, objectives, and mission, but also the approaches to be used in achieving the said objectives and policies (Alkhafaji, 2013).

Stuck Writing Your "Process of Strategic Management" Essay?

View All Our Example Process of Strategic Management Essay

Have A Custom Example Essay Written

Strategy implementation, on the other hand, "is concerned with making a variety of managerial decisions such as the type of organizational structure, the type and source of information systems, leadership 'fit,' and the type of control mechanism that should be employed" (Alkhafaji, 2013, p. 33). It largely intimates ensuring that a strategy works or functions as intended. Lastly, we have strategy evaluation. In this case, the most relevant evaluation activities include, but they are not limited to, performance measurement and addressing deviations by taking corrective action.

The strategic management process, as Harrison and John (2013) point out, is of great relevance to modern organizations. This is more so the case given that it helps a company define its strategy in a systematic manner. Given the competitive nature of global business, organizations need to have in place a continuous process that not only helps.....

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Process Of Strategic Management" (2014, July 20) Retrieved May 18, 2024, from
https://www.aceyourpaper.com/essays/process-strategic-management-190634

Latest MLA Format (8th edition)

Copy Reference
"Process Of Strategic Management" 20 July 2014. Web.18 May. 2024. <
https://www.aceyourpaper.com/essays/process-strategic-management-190634>

Latest Chicago Format (16th edition)

Copy Reference
"Process Of Strategic Management", 20 July 2014, Accessed.18 May. 2024,
https://www.aceyourpaper.com/essays/process-strategic-management-190634
   

Open, View, and/or
Download this Document
order custom essay example