Strategic Management Process Paper
According to Wheelen (2008), the “Strategic Management Process is a set of managerial decisions and actions that determines the long-run performance of a corporation” (p. 3) made up of different components such as 1) Situation Analysis, 2) Strategy Formulation, 3) Strategy Implementation, and 4) Evaluation and control.
In any business or big corporation the founders and upper management such as the CEO’S, CFO’S, and any upper management level positions take the first step in creating a strategic management process. This strategic management process is responsible for carrying out several functions such as providing direction and guidance to the employees, setting up measurable goals and a time span to achieve those goals, and designating duties to all corporate personnel. The marketing and sales projections are the most important elements in a conventional strategic plan, which also includes the steps to assess the accomplishments of every department.
By looking at the flowchart below, the reader can arrive at a better understanding of how each of these components work and the break-down of the management process that organizations take in providing a good strategic management team. See Table 1 (Process of Strategic Management) below for a break-down of these components and how each component provides steps to a successful strategic plan.
Table 1 (Process of Strategic Management)
(The Process of Strategic Management, n.d.)
The Strategic Management Process is need for any organization as this process plays a very important role in leading an organization to reach its goals. Based on the flowchart above, organizations need a step-by-step management process to help organizations to achieve their ambitions and reach their goals. The strategic management process is an efficient tool, which can assist organizations to carry out their...