...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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...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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...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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...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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...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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...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 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 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 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 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 Erica Valadez MGT/ 498 February, 12, 2014 Mr. Bernal Abstract There are several components of a strategic management process that are imperative for a company’s success. The most important components are environmental planning, strategy formulation, strategy implementation and strategy evaluation. Understanding each of them is essential when implementing them in the company. Strategic Management Process The primary components of a strategic management process are environmental planning, strategy formulation, strategy implementation and strategy evaluation. Environmental scanning is a process of collecting, examining and providing information for strategic purposes. This information assists in the internal and external factors influencing an organization. Following the analysis process, there should be an evaluation on it to improve the analysis (Management Study Guide, n.d.) Strategy formulation is the method of deciding the best course of action for accomplishing organizational objectives for this reason achieving organizational purpose. After conducting environment scanning, managers formulate corporate, business and functional strategies (Management Study Guide, n.d.). Strategy implementation entails producing the strategy work as intended or putting the organization’s chosen strategy into action. This includes designing the organization’s structure, distributing resources, developing decision making process and managing human resouces...
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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 Planning Process By Sean Lovejoy MGT/498 Peter Baverso June 13, 2016 The strategic management is crucial to every business and businesses are forced to formulate strategic practices in today’s business setting. Strategic management is the assessment of strengths and weaknesses, and the ability to identify imaginative means of acquiring a competitive advantage. The process of strategic management is a long process including, the identification of the organization’s current mission, objectives, strategies, environmental analysis, SWOT analysis, strategy formulation and implementation, and lastly, the evaluation of results. No matter the service or product an organization must have a strategic management plan to keep themselves competitive in today’s business environment. A strategic management plan should ensure that the reduction of value creation costs and value creation performance are formulated in ways that consumers are willing to pay more for the product than the cost to produce it. The organizations strategies, mission, organizational and environmental analysis should be completed and once this is done the company can evaluate any information collected. This information will be used to create information on possible threats that lie ahead. Opportunities will be created as well as positive external factors and alleviate negative factors. Once all steps are completed the strategic management process will help an organization to evaluate it strengths and...
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