Strategic Management Process Paper
According to the text, Strategic management can be defined as “the process of developing a game plan to guide a company s it strives to accomplish its vision, mission, goals, and objectives and to keep it from straying off course” (Zimmerer, Scarborough, & Wilson, 2008). Strategic management is very vital for a business to strive and thrive. In order to do this, the company must follow the strategic management process. This process has nine different steps that should be followed in order, and the company must remember that this is a continuous process. This paper will discuss the nine steps of the strategic management process as it relates to Home Away from Home Daycare.
Steps One thru Three
The first step in this process is “Develop a clear vision and translate it into a meaningful mission statement”. The vision at Home Away from Home Daycare it to provide the best childcare at an affordable price for families. The mission of the daycare is to help children grow academically, emotionally, and physically. The second step is “Assess the company’s strengths and weaknesses”. Some of the strengths at the daycare include: has enough room for children to run and play, the staff is skilled and love working with children, and has flexible hours to accommodate parents scheduling needs. Some weaknesses that the daycare has includes: disciplining the children and activities for school-aged children during the summer months. Step three is defined as, “Scan the environment for significant opportunities and threats facing the business”. One opportunity for the daycare would be hiring a Spanish-speaking worker who would help with enrolling Spanish speaking families within the community and making the daycare more diverse. A threat of the daycare is there are other daycares that are opening up within the same area in which the daycare is located.
Steps Four thru Six
Step four is “identify the key factors for success in the...