Mgt498 - Strategic Mangment Process

Strategic Management Process

Chris DePasquale

MGT/498

31 August 2015

Susan Muhr Leister

Strategic Management Process

Strategic Management is a principle used by companies to help them achieve long term success. It is a set of goals or achievements they might set for themselves and a plan on how to reach those achievements as an organization. It allows both employees and executives in the company to all feel like they are sharing a common goal.

Primary Components of Strategic Management

Strategic Management involves the use of a fairly simple process that an organization can plan and implement. There are four basic parts of strategic management that a company must consider. The first part is referred to as environmental scanning. This process involves collecting and analyzing data for the purpose of strategic planning (Management Study Guide , 2015 ). It’s important to consider both internal and external factors that may affect the company when at this phase of strategic planning. After completion of this phase a company can move into the formulation phase. They can now look at the data surrounding there business and make the best choice of how they move forward strategically on a corporate level a business level and a functional level. After the strategy was been formulated it’s now time to implement it. This means putting to plan into motion with the right people and resources at the right time. It’s important to note you may have to make changes on the go if you find something doesn’t work like you had planned. Evaluation is the final stage in this process. As stated earlier you may have to make some changes on the go depending on new or unforeseen factors. In the evaluation phase you are trying to focus on if the strategy and implementation of that strategy is in keeping with the company objectives and mission (Management Study Guide , 2015 ).