Strategic Management Process Strategic Management Entails the Essay

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Strategic Management Process

Strategic management entails the steps taken and combination of managerial decisions which sums up the future performance of a particular company. It entails the four pillars of management. The strategic plans give a framework for the entire company to not only use but also apply. The strategic management consists of steps that shape up the implementation, strategic planning as well as evaluation (Wheelen and Hunger, 2004).

First step: The initial step is to decide the mission of the company and its aims and objectives. Each company requires a mission. When the aims and objectives of an organization are crystal clear, then the managers can work with identifying the viability of its services and products. The managers also need to recognize the goals put in effect at present and strategies being worked upon. The aims and objectives of a company can decide the criteria for performance that employees can work to attain (Wheelen and Hunger, 2004).

Second step: The consequential step is external analysis. The environmental analysis is critical to a strategy process. Managers are tasked with performing the analysis of their companies. They should be well aware of their rivals and their aspirations. Apart from that, they need to know the effects of a pending legislation and how can it influence the machinery of an organization and the manpower present in the surrounding environment. After the external environment is analyzed, the managers should be able to scrutinize particular and general environments.

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This assists in keeping a tab on tends and changes taking place (Wheelen and Hunger, 2004).

Third step: The next step is obviously the internal analysis. The managers are compelled to identify the pool of resources and its combination of strength and weaknesses. The size of the organization is independent in this case. The external and internal analyses were combined in this case which are known as SWOT analysis (Strength/Weakness/Opportunities/Threats). Building on SWOT analysis, managers can work out a strategic niche which the organization can penetrate and propel further (Wheelen and Hunger, 2004).

Fourth step: Formulating strategies is the consequential step. After the SWOT analysis is done with, the managers are tasked with developing and shaping strategic avenues. After that, they need to choose the strategies which cash on the strengths of an organization and take hands on environmental opportunities or in other case work out weakness of an organization and deflect the possible threats. Strategies are to be founded for the not only corporate but also business and functional machinery of any firm (Wheelen and Hunger, 2004).

Fifth step: This step is on the field. For being successful, strategies ought to be worked out beforehand. People having the appropriate skills need to devise effective strategies. The present structure needs to be restructured for meeting the novel business ideologies prevailing (Wheelen and Hunger, 2004).

The sixth step: The next step is to create a….....

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