...Strategic Management Process Paper University of Phoenix MGT/498 Throughout this paper the topic of discussion will be to identify the many different roles involving strategic management and all of the primary components involved in strategic planning. Strategic Management emphasizes on the organizations “long-term performance. Many companies can manage short-term bursts of high performance, but only a few can sustain it over a longer period of time To be successful in the long-run, companies must not only be able to execute current activities to satisfy an existing market, but they must also adapt those activities to satisfy new and changing markets” (Wheelen & Hunger, 2008), pg6). The accomplishments set forth are essentially a way to make certain the organization has continued achievements and meets the demands of the organizations stakeholders. In addition, the long-term performance would show returns on investments to the shareholders. Therefore, the main idea behind strategic planning is to make sure all goals and achievements are continuous and keeping up with the ever change world of the business environment. Just as any business plan it is just what it is which is a plan mapping out the effectiveness of the organization including effective business practices. It is made up of the three primary components, which are strategic operations, strategic functions, and translating the strategy into action. Strategic Operation Environment Part of the strategic management...
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...Strategic Management Process Mgt/498 November 10, 2015 UOP Strategic Management Process In this summary I will describe the primary components of the strategic management process, and indicate why a strategic management process is needed for a company. The primary components consist of environmental scanning, strategy formulation, strategy implementation, and strategy evaluation. Lastly, I will talk about my previous job as a Marine and describe the strategic management process that was used. First environmental scanning from my thoughts is the similar to using a swot analysis. As an organization, you want to know where your strength lie so you can maximize it. Same goes for your weakness once it is identified the organization could figure out how to deal with the problem. Environmental scanning also allows the organization to detect early signs of opportunities that could have a great impact on future endeavors. Threats very similar to opportunities are also seen by scanning. Secondly is Strategy formulation, in a nutshell, this is deciding what is the best course of action your organization to take to accomplish its goals and or objectives. So after the environmental scanning this second phase is to put a plan in place to handle what has been uncovered by the scanning. Then the implementation of the strategy that is acting on the strategy that was formulated. According to MSG (2015),”Strategy implementation includes designing the organization's structure, distributing...
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...Strategic Management Process Paper MGT/498 Environmental scanning, strategy formulation, strategy implementation, and evaluation and control are the primary components of the strategic management process. Environmental scanning is described to be “the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation” (Wheelen & Hunger, 2010). Environmental scanning is usually used to classify strategic maneuvers that will direct the future of the business. Strategy formulation is the act of developing long-term plans for the future of a corporation by using the corporation’s strengthens, and weaknesses, for the successful handling of ecological opportunities and threats. Strategy implementation is the putting in action of the strategies formulated by a corporation. Lastly, evaluation and control includes the monitoring of corporate activities and performance in order to compare the actual results, to the ones that are set as goals. Strategic management helps a company sustain long-term performance. For companies that do not practice strategic management, it is very hard to attain and to sustain long-term performance. Most companies when they have finally attained a high performance level will soon experience a decrease in their performance. Strategic management will help a company understand, and realize that the environment around them is constantly changing, and evolving. It also helps a company...
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...Strategic Management Process Mitchell Jaques MGT/498 August 23, 2011 Dr. Earl Levith Strategic Management Process Strategic management is an essential process for managerial decision making. This is a special process for planning and implementing actions that may determine a company’s long-term performance. This will require a business to conduct internal and external scanning and environmental analysis, strategic implementation is required, evaluation, and control. Strategic management encompasses the use of the SWOT analysis, (Strengths, Weaknesses, Opportunities, and Threats), to incorporate strategic planning and industry analysis (Wheelen & Hunger, 2010). Primary Components of Strategic Management In a normative or prescriptive approach to the strategic management model, we would generally reflect an explicit, planned, and rational approach of the process (Ginter & Duncan, 1985). According to the Ginter & Duncan (1985) website, this model was based of empirical research and creates a broader-based model. In this model there are eight stages of this process: (1) establishing the mission; (2) setting objectives; (3) environmental scanning; (4) identify internal SWOT; (5) formulating alternate strategies; (6) strategy selection; (7) strategy implementation; (8) controlling the strategy to ensure success. While the normative strategy hits all the main components of strategic management, there has been a more modern formula created for the strategic...
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...phoenix.edu Bachelor of Science in Business with a Concentration in Human Resource Management The Bachelor of Science in Business (BSB) undergraduate degree program is designed to prepare graduates with the requisite knowledge, skills, and values to effectively apply various business principles and tools in an organizational setting. The BSB foundation is designed to bridge the gap between theory and practical application, while examining the areas of accounting, critical thinking and decision-making, finance, business law, management, marketing, organizational behavior, research and evaluation, and technology. Students are required to demonstrate a comprehensive understanding of the undergraduate business curricula through an integrated topics course. The Human Resource Management Concentration helps students develop an understanding of the fundamentals of human resource management and its strategic relevance in business. The concentration addresses the legal and ethical components of the decision making process involved in the human resources environment. The Human Resource Management Concentration introduces students to the basic concepts of human resource management, and allows further study in the areas of employment law, risk management, recruitment and selection of employees, international HR, change management, compensation and benefits, employee development, and performance management. Students will also develop an understanding of the critical business implications...
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...Strategic Management Joshua White MGT/498 March 30, 2013 John Wolcott Strategic Management In corporate terms, strategy is the plan that the business devises in order to achieve its long-term goals and objectives. These objectives are essentially to secure continued and meet the demands and expectations of the business stakeholders. In terms of shareholders, this would mean adding value to their investment. Therefore, an essential element of the strategic plan is to gain competitive advantage in an ever-changing commercial, political and social environment. For strategic management to work the business has to be fully cognizant of its current or strategic position and what elements may affect that position. No business is an island and therefore it cannot operate independent of external forces. These forces range over a number of issues and understanding what they are and how they will affect the business is essential to enabling the management to decide where the opportunities and threats to its strategic plan lay. Translating the business strategic plan into actions that are positive and successful is the final element of the strategic management process. The first part of the translation process is to ensure the organization structure is designed and organized in a way that will lead to the successful implementation of the strategic plan. This means ensuring resources are in the right location and, more importantly, that the interaction and relationship between the...
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...Running head: STRATEGIC MANAGEMENT 1 The Strategic Management Process GiGi Davis MGT/498 – Strategic Management Ms. Linda Davis STRATEGIC MANAGEMENT 2 The Strategic Management Process is comprised of four components, which are: Environmental Scanning/goal-setting/analysis, strategy formulation, strategy implementation, and strategy evaluation and control. All of the strategies mentioned are equally important. Strategic Management is more than asset of guidelines or rules. When management or the Board of Directors devise a plan through a very selective thought process and everyone is prepared for implementation, this is the Strategic Management Process. ➢ (Environmental Scanning) Goal Setting – The company’s vision. Defines long-term and short-term goals, how the vision will be accomplished, and the mission and objectives for staff. Analysis – Data in relation to the vision; SWOT Analysis. ➢ Strategy Formulation – The overall review, determination, identify and prioritize all external and internal resources. ➢ Strategy Implementation – Anything dealing with the funding and the overall structure of the organization. At this point everything is secured, including employees and the implementation of the plan begins. ➢ Strategy Evaluation and Control – As simple as the monitoring of performance measures, what isn’t evaluated and controlled can’t...
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...DEFICIENT Maximum Lower Division Credits 75.0 69.0 0.0 Minimum Upper Division Credits 45.0 51.0 0.0 120.0 120.0 0.0 CREDIT TOTALS SECTION 3: REQUIRED COURSE OF STUDY GRADE REQUIRED APPLIED DEFICIENT Required Course of Study 63.0 63.0 0.0 Introductory Course 3.0 3.0 0.0 3.0 3.0 0.0 3.0 3.0 0.0 3.0 3.0 0.0 3.0 3.0 0.0 GEN/200 FOUNDATIONS FOR GENERAL EDUCATION AND PROFESSIONAL SUCCESS (LD) (3.0 credits) C Communications BCOM/275 BUSINESS COMMUNICATIONS AND CRITICAL THINKING (LD) (3.0 credits) D Business Information Systems BIS/220 INTRODUCTION TO COMPUTER APPLICATIONS AND SYSTEMS (LD) (3.0 credits) C Management I MGT/230 MANAGEMENT THEORY AND PRACTICE (LD) (3.0 credits) B+ Accounting I AC 201 PRINCIPLES OF ACCOUNTING I (LD) (3.0 credits) B NOTE Page 1 of 4 This audit provides an official summary of your applied and deficient credits as of the run date and time listed above, but is subject to change. Please review the courses, credits and other degree information provided. Please note that the specific courses in Section 3, 4, and 5 may be printed under slightly different headings than those contained in your Enrollment Agreement/Disclosure Agreement. If you have any questions or feel there is a discrepancy with your record, please contact your Academic Counselor. NIETO, IRN:9013037312 SECTION...
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...Strategic Management Process Abdul Mitchell MGT/498 September 8, 2015 John Vincent Strategic Management Process Strategic management means a set of managerial decisions, and actions which determine how the company will be ran for the long haul. While reading the text books and other online sources there are a lot of different phases that we must follow to a have success in strategic management process. Phase 1: basic training, phase 2: forecast based planning, phase 3: externally oriented (strategic) planning, and phase 4: strategic management. These are much needed to run a company or the company will never take off and will just remain a dream. Describing the Primary Components Strategic position: would be the most important of all of the positions to describe this position we must think like business owners and how to make the company overcome downfalls. For example the company will not be able to make it without leadership. Strategic choice: the process of making decisions after all data has been reviewed. Translating strategy into action: this is the finale piece of the puzzle meaning taking action on the strategic plans that have been put into place. With this plan in place the company will be successful no matter what happens. Even if the company has a downfall it will be able to bounce back by revisiting the steps and seeing where the problem came into play. One company...
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...Running head: ETHICS Ethics Paper Stacey Avery University of Phoenix MGT/498-On-line Rob Inglis May 21, 2012 This paper is written in fulfillment of the MGT/498 class at the University of Phoenix. The assignment calls for a paper in which explains the role of ethics and social responsibility in developing a strategic plan while considering stakeholder needs and agendas. Include at least one example of a company overstepping ethical boundaries for stakeholder agendas, and what type of preventative measures could be taken to avoid this type of situation. When a company is developing their strategic plan, ethics and social responsibility will play a major role in how the company’s plan is devised. The company will also need to take into consideration all the major stakeholders of the company and their needs as well. By doing so, a company will be able to develop a strategic plan that is socially responsible, ethical and approved by all stakeholders, which should lead to a successful strategic plan. As companies develop a strategic plan, ethics and social responsibility will drive the company’s vision, mission and values. These three parts of a strategic plan are the foundation on which to build policies and procedures that will drive the plan through to success. When a company is developing their vision, mission and values, they will need to take into account all stakeholders involved, such as the employees that will be living the...
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...The file MGT 498 Week 5 Discussion Questions 2 Strategic Management has solution of this question: "What is the benefit of a balanced scorecard to your current organization? How can they apply this method of evaluation to your business so that they can develop the proper strategy plan? Why is having a balanced scorecard important? Describe the areas within your organization that could use this method of evaluation." Business - Management Week One Strategic Overview, Ethics, and Legal Environment · Indicate why a strategic management process is needed. · Describe the primary components of the strategic management process. · Explain the relationship of ethics, social responsibility, and corporate performance in strategic planning. Course Assignments 1. Readings · Read Ch. 1 of Concepts in Strategic Management and Business Policy . · Read Ch. 2 of Concepts in Strategic Management and Business Policy . · Read Ch. 3 of Concepts in Strategic Management and Business Policy . · Read this week’s Electronic Reserve Readings. 2. Discussion Questions Respond to the Discussion Questions posted by your instructor. Post your responses in the Main forum. The first two are due by Thursday, Day 3, and the balance is due by Saturday, Day 5. Post your responses in the Main forum. 3. Individual Assignment: Strategic Management Process Paper · Write a 350- to 500-word paper in which you...
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...Strategic Management Process By Tana Urban MGT/498 November 4, 2013 Dr. Dulcelina A. Stahl : Instructor Strategic Management is a set of managerial decisions and actions that determines the long-run performance of a Corporation. Strategic Management includes environmental scanning (both internal and external), strategic formulation ( strategic or long-range planning), strategic implementation, and evaluation and control. (Wheelan, T.L., and Hunger, J.D. (2010.). Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. This component of the Strategic Management Process helps in analyzing the internal and external factors influencing an organization. Strategic Formulation is the process of deciding the best course of action for accomplishing organizational objectives and hence achieving organizational purpose. Strategy Implementation implies making the strategy work as intended or putting the organizations chosen strategy into action. Strategy implementation includes designing the organizations structure, distributing resources, developing decision making process, and managing human resources. Strategy evaluation is the final step of Strategy Management Process. The key strategy evaluation activities are: appraising internal and external factors that are the root of present strategies, measuring performance, and taking remedial/corrective actions. Evaluations make sure the organizational strategy as well...
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...Strategic Management Robert J. Eager Jr. MGT/498 December 10, 2013 Shaila Luciano-Wong Strategic Management Long-term goals are a reflection of a company’s strategic management. Using the components of strategic management will help in the company’s future growth and success. Environmental action, strategy formulation, strategy implementation, and evaluation and control are the four primary components of the strategic management process. Environmental scanning is stated to be “ the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation” (Wheelen & Hunger, 2010). Calculating the effects that internal and external environment have on a corporation can help determine its future. Long-range plans of a company are the strategy formulation. This consists of a company’s mission, objectives, strategies, and policies. Strategy implementation is stated as “a process by witch strategies and polices are put into action through the development of programs, budgets, and procedures” (Wheelen & Hunger, 2010). These types of programs are implemented and directed by mid-level managers and are over seen by the upper management. Evaluation and control is where management monitors the programs implemented by corporate and send feedback up the chain of command. This will notify the corporation if the program is successful or with the strategic management process needs to start over. Johnson and Johnson...
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...Strategic Management Process Strategic Management process Judy Wiggens MGT/498 Eligah King December 5, 2013 Strategic Management Process 1 I think that the components of strategic management in corporate terms is strategy this is the plant hat many businesses devise in order to achieve its long term goals and objectives, these objectives are very essential to secure continued business and meet the demands and expectations of the business and stakeholders. In terms of shareholders, this would mean adding value to their investments, so an essential element of the strategic plan is to gain competitive and advantage in a every changing commercial, political, and social environment. As with all plans, to ensure success it needs to be managed efficiently and effectively, what I mean is that there has to be a strategic management process operated by the business, which comprises of three main component parts, strategic position, strategic choices, and translating the strategy into action so by doing this we first start with the strategic position for strategic management to work the business has to be fully cognizant of its current or strategic position and what elements may affect that position. Next is strategic choice this is the process of decision making that occurs once a review of all available data and information has been conducted...
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...Strategic Management Process Monique Hayes-McCallum November 13, 2012 MGT/498 Cliff Lavin The Process The basic elements of the strategic management process are environmental scanning which is the gathering of information; strategic formulation & implementation which is the developing of a plan and then putting that plan into action; and evaluation and control or the monitoring of the performance of the plan. Once referred to as “business policy”, strategic management is represented as a specific “set of managerial decisions and actions that determines the long run performance of a corporation; while incorporating things such as strategic planning, environmental scanning, and industry analysis.” (Wheelen & Hunger, 2010) Strategic plans aid in a company’s ability to be successful in the long run by mapping out specific goals and guidelines in which those goals should be met. “In order for a business to be successful in the long run, it must not only be able to execute current activities to satisfy an existing market, but they must also adapt those activities to satisfy new and changing markets.” (Wheelen & Hunger, 2010) When researching companies and their strategic management, Estee Lauder was a company that seems to stand out. Their, Estee Lauder, main business is the manufacturing and the marketing of all their products and licenses; distributing it’s products through various avenue’s for market position and audience, such as department stores and...
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