Strategic Management and Business Term Paper

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Strategic Planning Report

What are the major components of strategic management, and why is each component needed for success?

Establishment of the Goal -- This element serves to make the organizational vision clear. It encompasses the identification of three important aspects, namely, Definition of long- as well as short-term objectives; Identification of the means by which to attain the goal; and Customization of the procedure for employees, through assigning to every member a task they can succeed in (Kazmi, 2008; Jasper & Crossan, 2012).

The component of analysis entails collecting sufficient data and facts pertinent to realizing the defined vision. Emphasis must be placed on understanding organizational needs (considering the enterprise a sustainable unit), its strategic course, and identification of initiatives to facilitate business growth (Kazmi, 2008; Jasper & Crossan, 2012).

Formulation of Strategy -- The element of strategy formulation entails information review from analysis, ascertainment of currently available resources which can aid in attaining the established objectives and goals, and determination of areas wherein the enterprise needs to take the help of external resources. This component's significance is prioritization of issues faced by the organization based on their relevance to success of the business (Kazmi, 2008; Jasper & Crossan, 2012).

Implementation of Strategy -- Effective implementation of corporate strategy is central to a business venture's success. This represents strategic management's action component (Kazmi, 2008; Jasper & Crossan, 2012).

Evaluation and Control -- Control and evaluation incorporates performance measurements, regular review of external and internal issues, and corrective action wherever required.

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As external and internal problems evolve continuously, all information obtained at this juncture must be retained for facilitating future strategy (Kazmi, 2008; Jasper & Crossan, 2012).

Why are an organization's mission and values important to strategy formulation?

Mission statements are crucial for companies as they define a business, its clients/customers and its offerings (i.e. services or products). Meanwhile, vision statements depict the organization's future appearance, should it be successful in attaining its mission. Companies' mission and vision provide a general sense of company direction. Values and mission have increasingly been acknowledged as reflecting organizational identity -- its principal, unique and enduring character. Evidence exists of the fact that corporations which survive and thrive in the long run possess a well-defined sense of corporate identity, whilst also being sufficiently competent to understand when their current identity must evolve in light of major environmental changes (Jasper & Crossan, 2012).

A mission statement assists in assessing whether or not the organizational strategic plan will be in line with overall goals, whereas a vision statement inspires personnel. A workforce that feels it has adequately participated in bringing about organizational change will more likely remain motivated and exhibit higher productivity levels. In short, a company's vision and mission are key guides in strategic plan direction and in gauging its success in organizational mission attainment. Concurrently, it encourages personnel, who constitute the most essential factor in corporate goal attainment (Jasper & Crossan, 2012).

What benefits does a strategic management process bring.....

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