...Running head: STRATEGIC MANAGEMENT PROCESS PAPER Strategic Management Process Paper University of Phoenix Strategic Management Process Paper “Change has a considerable psychological impact on the human mind. To the fearful it is threatening because it means that things may get worse. To the hopeful it’s encouraging because things may get better. To the hopeful it is inspiring because things may get better. To the confident it is inspiring because the challenge exists to make things better” (Whitney, 2011). In this day and age businesses are faced with great challenges one in particular is becoming a profitable organization. In order for businesses to combat these challenges they must take risks and utilize strategic management to determine which direction the company will move. This paper will attempt to discuss the primary components of strategic management and why it is used in a company. Next a company will be researched and the strategic management process will be identified. Environmental scanning is the first step in the strategic management model (Wheelen and Hunger, 2010). This process involves looking at internal and external variables that have an impact on a business. The environmental scanning process identifies strategic factors. Businesses use many tools to identify this information, the most common being the strengths, weakness, opportunities, trends and threats (SWOTT) analysis. This helps to identify the factors that can play a significant...
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...Strategic Management and Planning Paper Marcy Blind Univ of Phoenix BUS 475 Brandan Krieger February 10, 2014 Strategic Management Paper Strategic management is collection of activities and processes that companies use to strategically coordinate resources and activities with the vision and mission statement throughout the organization. The purpose of this management plan is to put a plan into action and then have valuable feedback so the plan can be reevaluated as the external and internal dynamics evolve. At its core this is just the concept of having some feedback controls to evolve the plan to changing variables. This helps organizations to meet with the challenges with better focus and strategy. Purpose of strategic plan Strategic plan is a tool to manage the organization in more streamlined and optimal way. It helps in promoting the vision and goals of the organization throughout the organization. This avoids sub-optimization in the organization and helps the different branches to have better focus and coordination in between them. This also incorporates the organization strengths and weaknesses and then this data is used to formulate the best possible outcome for the organization. The plan also sets the goals the organization needs to achieve and how they will be achieved. This also includes the parameter against which the performance of organization will be measured and the time frame in which evaluation should be done. Components of strategic...
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...Strategic Management Process Paper MGT/498 Strategic Management In our today’s business environment, strategy is a very important factor and in order to manage it well a strategic management process is needed and used by many organizations especially large ones. There are primary components that will ensure the life of the organization. Wal-Mart is a great example because of the fact that it is a successful company, the strategic management process that they use obviously works in many cases. Primary Components There are four primary components when it comes to strategic management process. These are Environmental Scanning, Strategy Formulation, Implementation and Evaluation. Environmental Scanning will help analyze the external and internal factors that can influence the organization. Strategy Formulation process will make sure that the best course of action is decided so that accomplishing organizational objectives can be possible. Strategy Implementation will make sure that the organization’s chosen strategy will be put into action. Strategy Evaluation will make sure that the strategy as well as the implementation will definitely meet most of the objectives of the organization (Strategic Management Process - Meaning, Steps and Components, 2012). A strategic management process is needed for an organization so that there will be a direction and it can also be a guide to employees. Setting up measurable goals and when it is possible to achieve...
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...Strategic Management Paper Ebonie Franks University of Phoenix Strategic Management Paper Human Resource Management is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training (About.com:Human Resources, n.d.). Human resource is very vital to the success of an organization. I will discuss in this paper the recruitment and retention, training and development, employee performance management, regulatory compliance, and compensation and benefits. Merging two companies together to create an international company that is powerful is one way to expand business globally. Uniting two diverse companies with distinct business processes, strategies, and cultures is a definite challenge of mergers. Involving companies from a different culture is even more challenging. People, financial, and operational processes need to be reviewed by executives in order for a new set of rules, procedures, and practices to be developed for the new company. Cultural differences would have to be recognized and there would have to be immediate links created to bridge the gap between the two cultures. If these links were not created, the corporation’s direction towards achieving success could be threatened. If there were any issues as far as downsizing or relocation at hand, they would need to be resolved. To...
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...Question One: Strategic Management Process Strategic management is the process of clearly defining an organizations objective and assessing both its internal and external situation and formulating strategies, implementing the strategies, evaluating progress and making adjustments as may be necessary to ensure the organization stay on track. It is a method organizations use to conceive and implement a strategy that can lead to a sustainable competitive advantage. Through strategic management organizations establish goals and objectives, formulate actions (strategies) designed to meet these objectives in the desired timescales, implement the actions and assess progress and results. The process is a systematic or emerged way of performing strategic planning in organizations, through analysis, strategy formulation, its implementation and evaluation. The strategic management process model chosen by a company will depend on the organization’s culture, leadership style, and the experience the firm has in creating successful strategies. The components of a strategic management planning process fall in five main categories: initial assessment, strategic analysis, strategy formulation, implementation and monitoring. At the initial assessment phase the organization needs to identify its mission and vision. The vision will help the managers visualize the company’s future, managers will be able to know where they want to go and what they want to achieve. It is the ultimate goal for the firm...
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...Strategic Management Process Paper Kenneth Worley MGT/498 February 19, 2014 Patty Murphy Strategic Management Process Paper Having a set of rules, is not the only way to approach management. There is a process to follow. There is a philosophical/strategic thought to it. Management of a business must implement this process. Best way to process it is when everyone in upper management understands the strategy and goal of the business. Goal-setting- is one of the process patterns to illuminate the vision of a business. Also identifying some facets like short, long term objectives and knowing how to accomplish those objectives. Customizing the tasks to the staff for them succeed toward the goals set. Making sure the goals are realistic and detailed, and relate to the vision verbally and written to staff and shareholders of the business. Analysis is very important process, accomplishing your vision is for you to gathering all the relevant data and information. Analyzing what the business need on a sustainable entity, identifying initiatives and strategic direction of your vision and the growth of business. Analyzing external and internal problems which may affect the goals and objectives, which plays to the weakness and strengths of the businesses. Strategy Formulation- is after the completion of the information analysis. Identifying areas might need external resources and identify resources currently the business has to accomplish goals and objectives. To start formulating...
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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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...Portfolio Management and Strategic Management Paper xxxxxxxxxx CPMGT 301 xxxxxxxxxx Project Portfolio Management is more than just covering multiple projects. Each portfolio has value and benefit to the goals and mission of the business. The project portfolio should be defined to achieve the business objectives and financially benefit the business. Bob Buttrick (2010) stated; “Directing the individual project correctly will ensure it is done right. Directing 'all the projects' successfully will ensure we are doing the right projects.” The main purposes that drive Project Portfolio Management are to establish projects that complement the strategy of the company Project portfolio management ensures that projects have a set of objectives, which when followed brings about the expected results. Furthermore, PPM can be used to bring out changes to the organization which will create a flexible structure within the organization in terms of project execution. In this manner, the change will not be a threat for the organization, but a benefit while helping the organization fulfill its mission and goals. An owner / manager will identify and develop a project that supports the organizations core mission based the organizations PPM. It is not enough to have a good idea or goal. Good planning is needed to ensure the project's success. Brainstorming with the stakeholders and answering a few questions, for example. A few questions that need to be answered when developing...
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...Strategic Management Process Paper “Strategic management is a set of managerial decisions and actions that determines the long-run performance of a corporation. It emphasizes the monitoring and evaluating of external opportunities and threats in light of a corporation’s strengths and weaknesses.” (Wheelen & Hunger 2010). It short it is the planning, environmental scanning, and industry analysis for the company. It can be broken out in four phases: Phase 1-Basic financial planning: Managers plan and propose the following year’s budget. They perform this task on very little information given from within the firm. In short it’s a projection/estimate of the following years proposed budget. This happens usually over the timeframe of one year. Phase 2-Forecast-based planning: This is where a more long term projections is created and manager propose five-year plans. Which is when they begin to analyze the much longer and time intensive projects that may take longer than one year. Something of this magnitude is very time consuming, often a full month of managerial activity to make sure all the proposed budgets fit together. Endless meetings take place to evaluate proposals and justify projections. Phase 3-Externally oriented (strategic) planning: Upon failure or Frustration with ineffectual five-year plans, top management takes control of the planning process by initiating strategic planning. The company seeks to increase its responsiveness to changing markets and competition...
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...Strategic Management Process Paper 1 Strategic Management Process Paper Jeff Street University of Phoenix February 6, 2012 Richard Jaussi Strategic Management Process Paper 2 The primary components of a strategic management process vary in terminology; however, to effectively implement any strategy, the core components must be sufficiently considered. In basic corporate terms, strategy is defined as the plan that the organization develops to accomplish its primary long-term goals and objectives. These goals and objectives are critical to ensure continual business success and meet expectations of all stakeholders. In terms of the shareholders this means assuring their investment returns positive dividends. So, a critical component to a strategic plan is to gain a competitive advantage over a continuously environment. As is normally the case with any plan in order for it to be executed successfully it needs to be planned and managed efficiently. There must be a strategic management process operated by the organization that consists of three primary elements—strategic position, choices and setting the strategy into motion. STRATEGIC POSITION In order for strategic management to function correctly the organization must be aware of its current or strategic position and what elements potentially could affect the position. External forces must be considered appropriately and integrated in to the strategic plan....
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...Strategic Management Process Anthony Yon MGT/498 January 20, 2015 Strategic Management Process The successfulness of an organization longevity is reliant on the decisions and actions that management makes. These decision and actions include internal environmental scanning, external environmental scanning, strategic formulation, strategic implementation, evaluation, and control (University of Phoenix, 2015). These elements are relatable to the strategic management process. An example of Wal-Mart's strategy process will be covered in this reading as well. The strategic management process and why it is necessary for a company will be the covering elements of this paper (University of Phoenix, 2015). Environment Scanning Environmental scanning is a systematic process that interprets and surveys critical information to identify threats and external opportunities. An organization collects data internally, its competitors and the outer world. A company should then take the collection of data and readjust its strategies when the need is suitable. Gathering information about the world in which the business operates, focusing on competitors, and internally scan the organization is the key steps to conducting an environmental scan (Society for Human Resource Management, 2015). Strategy Formulation Strategy is a roadmap to business success and within that strategy, is strategy formulation. Strategy formulation is the process of developing the actual plan. A series of...
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...Strategic Management Process Paper Robert Jeans MTG 498 November 6, 2013 William Stevenson Strategic Management Process Paper Strategic management is a set of activities and processes that companies us in an organized fashion to structure the resources and actions of the organization to accomplish the mission and vision in a strategic manner. The activities used are organized into a systematic plan that can be measures through performance, and feedback is used to evaluate the decision making process so that the plan can be adjusted to fit the current needs of the organization as the environment and circumstances change ("Balanced Scorecard Institute, Strategy Management Group", 2013). This paper will explain the primary components of the strategic management process and its importance to an organization then conclude with a look at how it is used at Target Corporation. The strategic management process consists of four primary components which includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control. Environmental scanning is the gathering information phase. At this stage management is interested in external opportunities and threats such as the natural environment, the social climate, and intended industry environment; as well as internal strength and weaknesses such as the management structure, the organizations culture, and its available resources. Next...
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...Strategic Management Process Paper Strategic Management Process Paper PRIMARY COMPONENTS According to Wheelen and Hunger (2010), “Strategic management is a set of managerial decisions and actions that determines the long run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control”. Over time and many mistakes and hard times, organizations have refined strategic management to four phases: Phase 1 – Basic financial planning: An example of this phase is budgeting for the following year. In my opinion is the beginning and ending part of planning for the following year. Decide on the budget at the beginning and by the end of the year; check to see how well the company stuck to the budget. Phase 2 – Forecast-based planning: This phase I call the long term planning. As an example, the company I work for put in place a three-year roadmap. Phase 3 – External oriented (strategic) planning: This phase is where companies scan external factors such as competition, changing markets and how they plan on dealing with these factors Phase 4 – Strategic management: In this phase is where top management get the rest of the managers within the company have input on the strategic plans. This can be done thru workshops, workgroups and consultants. “Planning is typically interactive across levels and is no longer top down. People at all levels...
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...Strategic Management Process Paper Amy M Petersen MGT/498 September 9, 2013 Paul Kramer Strategic Management Process Paper The primary components of the strategic management process are "goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring" (Clayton, 2012, p. 1). Setting these guidelines and following them is only the beginning. Determining what the company's mission and purpose is will help to determine what steps are the best to take to achieve these intended goals. Understanding the vision of the company and what the short-term and long-term goals are will help to understand what additional steps are needed for the organization to achieve these goals. How will these objectives be implemented and involve everyone in the organization to achieve these goals? Are these goals "realistic and match the values of your vision" (Clayton, 2012, p. 1)? Is the company mission clear about how these goals will be implemented and what part every employee must complete to achieve these goals? One thing is for sure whatever the goals set and determined are, these ideas need to be clearly written and identified to all intended parties so that everyone is on board and working towards the same desired outcome. Another point that needs to be mentioned is that this is not a short-term phase, but something that needs to be implemented for the long haul. "Strategic management is a change process, something that is going to take time to develop, cultivate...
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...Adam Tomar Strategic Management Final (Prof. Spinello) 1.) Following WWII, fifth-generation Reinhard Mohn took over operations and slowly began to rebuild the company. Reinhard and Fritz Wixworth came up with the revolutionary idea to form a “book club,” a strategy that would remain the centerpiece of Bertelsmann for the next 50 years. Mohn and Wixworth believed that there would be significant demand by readers for books that “came to them,” especially since so many personal libraries had been destroyed during the war. Their strategy exceeded all expectations, as the book club had 100,000 members within 12 months and more than a million members within three years. Six years later, Bertelsmann expanded their revolutionary concept of personal clubs into the realm of music. Within a year, Bertelsmann built its own record-press plant and started its own music label, Ariola. By the early 1960s, the rapid growth experienced by Bertelsmann meant that the company had outgrown its existing organizational structure. Consequently, Mohn introduced a decentralized, divisional corporate structure with multiple independent profit centers. All divisions would be allowed to operate autonomously as long as their profits exceeded a hurdle rate, a strategy that Mohn coined “leadership from the center.” At the same time, Mohn created a set of principles and values called the “Bertelsmann Essentials” on which the organization should be based. With these values in mind, Bertelsmann continued to...
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