...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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...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 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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...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 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 “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 Kimberly Bruno MGT 498 October 29, 2012 Homer Johnstone Strategic Management Process For an organization to achieve success a successful product or service is necessary. However, a successful organization requires much more than that. An organization needs a full-scale management plan. This displays plans for the future and allows an organization to run like a well-oiled machine. To fully understand the management process one must examine all necessary elements and examine an organization with a solid process. The Elements The basic components or basic models of strategic management include four elements. These elements are environmental scanning, strategy formulation, strategy implementation, evaluation, and control. However, evaluation and control is actually element, and there are multiple steps within each element. Environmental scanning includes the process of monitoring, evaluating, and dissemination of information from both external and internal environments to the correct people within and organization (Wheelen & Hunger, p. 16, 2010). The easiest way to do this is to conduct a SWOT analysis. Strategy formulation involves developing long-range plans to manage environmental opportunities and threats properly. The long-range plans include defining the corporate mission, specifying achievable objectives, developing strategies, and setting policy guidelines (Wheelen & Hunger, p...
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...Individual Strategic Management Process Paper All companies have the mission to be successful. Success will come if upper management and leaders have a strategic management process. A strategic management process is “defining the organization’s strategy. It is also defined as the process by which managers make a choice of a set of strategies for the organization that will enable it to achieve better performance.” (Strategic Management Process , n.d.) The primary components of strategic management process are environmental scanning (gathering information), strategy formulation (developing long-range plans), strategy implementation (putting strategy into action), and evaluation and control (monitoring performance). (Thomas L. Wheelen, 2010). This process is needed so a company will know its goals, direction, and performance. It also helps to keep a company with or in front of the competition. Netflix is a company that has a successful strategic management process. The company with low priced DVD rental has evolved to online streaming with millions of subscribers. Netflix has long-term goals that are realistic to the usage of the population. They are aware that online TV has grown a big amount of audience in the last years and that it will continue to grow. The company has plans, know who their competitors are, and who their consumers are. “People love TV shows & movies. We love being the best possible place to enjoy them. Ours is an amazing opportunity to grow, innovate and...
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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 Paper Kirk B. Carlson MGT/448 August 17, 2011 Craig Clark Strategic Management Process Paper In order for an organization to achieve its long term objectives and goals the organization needs a strategic plan. The objectives and goals of the strategic plan are to become successful in business. The organization needs to evaluate the expectations and demands of the stakeholders when constructing a strategic plan. The author of this paper will discuss the components of the strategic management process and define the strategic management process of an existing organization. Components of Strategic Management Actions and managerial decisions that determine the long run performance of a corporation is called strategic management (Wheelen and Hunger. 2010). In order for an organization to develop an effective strategic management process the organization must first identify the organization’s mission, objectives, strategies, and policies. The mission of an organization is its reason for existence. The objectives are the planned results of the organization and when those results will be achieved. The strategies of the organization are the steps needed to accomplish the mission and objectives. The policies are the fundamental and ethical guidelines for making a decision on behalf of the organization. Reasons for Strategic Management Strategic management has been embraced by successful firms and has been accredited to the...
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...Strategic Management Process Paper Misty DeMoss MGMT 498 September 24, 2013 Dennis Hoerr Strategic Management Process Paper Strategic management is an essential process for managerial decision making. This process helps a company determine what planning and implementing actions that may determine a company’s long-term performance. The basic model for strategic planning consists of the four basic elements: Environmental scanning, strategy formulation, strategy implementation, and evaluation and control. By companies conducting internal and external scanning of the environment they are able to make better observations of what the company actually needs to implement. This paper will describe the primary components of a strategic management process, indicate why a strategic management process is needed, and describe the process Ford Motor company uses. Primary Components of Strategic Management Every company requires managers to plan accordingly for the yearly budget. This yearly budget is a time consuming stage and uses minimal analysis and small amounts of environmental information. Forecast based planning is used in this eight stage model 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. The current model of strategic management process includes...
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... | | |Quality Management and Productivity | Copyright © 2010, 2009, 2005, 2004, 2003 by University of Phoenix. All rights reserved. Course Description This course examines the concepts of continuous improvement and quality management, viewing quality as a systematic process that improves customer satisfaction. The course covers methodologies that will aid managers in assuring that the organization's quality system is effectively meeting the organization's continuous improvement goals. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Goetsch, D. L., & Davis, S. B. (2010). Quality management for organizational excellence: Introduction to total quality (6th ed.). Upper Saddle River, NJ: Prentice Hall. All electronic...
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...Strategic Management Process Strategic Management Process Every company wants to achieve long term goals and objectives. Every company needs a strategic plan in order to achieve that. A company must evaluate the demands and expectations of their stakeholders when forming a strategic plan. The discussion for this paper will be about the main components of a strategic plan process and explaining why it is needed for a company to achieve long term goals and objectives. This paper will also discuss the strategic management process of National Aeronautics and Space Administration (NASA) Company. Four Phases According to (Wheelen & Hunger, 2008).) “strategic management is a set of managerial decisions and actions that determines the long-run performance of a corporation.” A manager will go thru the four phases of the strategic management process so that he/she is able to perform the job duties so that the company can stay competitive with other companies. Phase one is basic financial planning. This involves assignments, projects, and tasks that are based on small analysis. When managers are asked to propose the following year’s budget they take planning seriously, even though most of the information comes from within the company. Phase two is forecast-based planning. The planning should take at least three to five years to finish. Mangers will attempt a five year plan because annual budgets become useless for the long-term planning .Environmental and internal information...
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...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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