...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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...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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...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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...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 for human resource professionals today and in the future. HR practitioners and managers must be equipped with a solid understanding of the fundamentals of human...
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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: 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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...Competitive Advantages Paper MGT/498 Competitive Advantages Paper In today’s global economy, more and more companies are finding it difficult to grow their business domestically. As domestic opportunities decrease, more and more organizations are finding themselves looking for opportunities in the global market searching for ways to gain a competitive advantage. In this paper, team A will analyze the competitive advantage Riordan Manufacturing, Incorporated (Riordan) has in common with other companies, and estimate which competitive strategies Riordan could use to improve innovation and sustainability of business operations both in the United States and in the global market. We will also explain why we chose these competitive strategies and estimate how they might affect sustainability of long-term organizational performance. Finally, we will explain how the global market would affect the business strategy of Riordan. Competitive Advantage Strategies The three competitive strategies that Riordan can capitalize on to improve innovation and sustainability of business operations are research and development, purchasing, and logistics. Riordan us an industry leader in the field of polymer materials solutions and polymer materials research and development and patent licensing. The company should explore strategic advantages through its research and development functions as well as through its Operations Excellence model. Riordan employs detailed process systems and...
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...Strategic Plan University of Phoenix MGT-498 Strategic Management Dr. George R. Monk May 01, 2013 Strategic Plan The purpose of this paper is to explain why it is important for Riordan Manufacturing to have a strategic plan so the company will be successful long term. Also within this paper, Learning Team D will discuss on how important ethical and social responsibility considerations are important in the company strategic management plan. In addition, the team will talk about how Riordan competitive strategies help improve sustainability and innovation domestically and internationally. Furthermore, in the discussion is on how Riordan Manufacturing uses measurement guideline to see how effective their strategies are used. When implementing a business strategy Riordan takes into considerations of cultural and structural leadership. Learning Team D will talk about how Riordan Manufacturing may or may not influence business continuity. The last thing will be discussed by “Team D” is if Riordan Manufacturer receives a feedback it will determine which direction they may want to go, and if they do not follow recommendations at what time is good to alter the plan. The final discussion is to consider as a team on how did we decide or justify the strategic plan based on what we have learned as a team. There are components that has helped us adjust to deciding what plan best fits Riordan Manufacturing so they can be a successful company. Why Should Riordan...
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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 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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...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 Rosa Sanchez October 5, 2015 MGT/ 498 Debra Grisamer Strategic Management Process Paper Business are set forth to carry out an important role in our society. All commerce are in business to provide a product and or service. There are many roles that a business must partake in order to be successful and grow. Business must have a strategic plan in order for a company to run smooth and achieve their mission and goals. Target is a great example of a business conducting a great strategic management plan process. According to the Small Business webpage, there is more than just a set of rules the business must follow in order to flourish. A great strategic process must contain five stages “goal setting, analysis, strategy formation, strategy implementation and strategy monitoring” (Clayton, n.d.). These five stages must be implemented in management trained for the business and mission to be carried out. Target has implemented these five stages into their plan. Target states “Creating a strategic roadmap drives the success of our business with opportunities today and innovative ideas for future growth” (Stategy, n.d.). Target plan is composed of the 4P’s. Production quality, pricing, placement and promotional strategy. In the production and pricing side Target wants to offer brand name items at lowest possible price with the ability of still making a profit. Target was the “placement of stores will be mostly in large urban areas where...
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...Strategic Management Process Paper – Week 1 REDACTED MGT-498 REDACTED September 24, 2012 Strategic Management Process Paper Following a strategic management model, Environmental Scanning; Strategy Formulation; Strategy Implementation; & Evaluation and Control are the four basic steps that should be followed to ensure successful outcomes (Wheelen & Hunger, 2010). This is a more defined methodology than what I was trained to use at my last job which was: Plan; Do; Check; Act. Companies need to have processes in place to ensure not only a fair and balanced workload, but those internal and external variants are considered, plans can be developed, action initiated on the objectives of the plan, and the performance indicators can be measured against beginning expectations. Duplication of efforts is common in the workplace for companies that do not have the systems that clearly layout expectations. Utilizing the SWOT analysis (Strengths, Weaknesses, Opportunities, & Threats are part of the gathering process (Wheelen & Hunger, 2010). Natural, social, and work environments of external influences are all part of what needs to be considered. The composition of the company, customs of key players and associates, and wherewithal are internally relevant to having a successful plan. When formulating the plan, outputs feed directly into the next input. Why we are doing thus; what should be expect; how do we reach the goals outlined; and what practices or policies do...
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...Strategic Management Process Aleslie Davis MGT/498 September 12, 2013 Virginia Hillman Strategic Management Process In business relationships, strategy is a plan the business develops in to accomplish its objectives and long-term goals. These objectives are basically to secure constant success of the business and meet the expectations and demands of stakeholders in the business. The primary components of a strategic management process consist of three main factors. Translating the strategy into action, strategic choices, and strategic position are the components a business needs to use if it wants to manage effectively and efficiently A company needs a strategic management process because it cannot stand alone. Translating the strategy into action Successful and positive actions of translating the strategy into action are an important step in process management. Businesses have to ensure resource location and the relationship and interactions are corresponding efficiently. Strategic choices Strategic choice is the same as choice, which means gathering information and reviewing it before the decision-making process. Strategic position External forces are something businesses cannot act on independently therefore the businesses need to look into the strategic plan and decide its strengths and weaknesses to determine how these forces will affect the business. “The strategic management process is more than just a set...
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...Strategic Management Process Paper John Vincent MGT/498 December 12, 2012 Strategic management is a set of managerial decisions and actions that determines the long run performance of a corporation (Hunger & Wheelen, 2010). It is all about identifying and picturing the strategies used for better performance and gaining a competitive advantage for the corporation. In order for this to take place the manager must have the knowledge to make the right decisions using the SWOT Analysis and utilize the corporation’s strengths and minimizing the weaknesses. According to Hunger & Wheelen, (2010), corporations run the risk of error, costly mistakes, and economic ruin. Strategic management is used today to keep the corporations competitive in a volatile environment. The world is constantly changing and it is up to the managers to help the corporations evolve around it using the four phases of strategic management. Phase 1- Basic financial planning involves projects that are based on very little analysis. The following year’s budget takes approximately one year in which managers try to cram ideas (Hunger & Wheelen, 2010). Phase 2- Forecast-based planning usually takes three to five years. Annual budgets that have become useless for long-term planning have managers attempting five-year plans. With the internal information that is gathered, environmental information is also gathered. Managers in this phase compete for larger shares of funds with endless meetings to...
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