Strategic Management Process

In: Business and Management

Submitted By Ebbie920
Words 465
Pages 2
It is often wondered how and why businesses are so successful. To have a successful business it is important to possess the following characteristic such as moralistic leadership, detailed planning, and communication. These characteristics are associated with strategic management such as who will run the business? How will the business make money? Will the business sell items? What items and who will be the target buyers? Or what is the purpose of the business. These questions are in line with the strategic management process and why the process is needed.
Strategic management is a set of managerial decisions and actions that determines the long-run performance of a corporation (Wheelen & Hunger, 2008, p. 5). A strategic management plan primary components generally will include environmental scanning, strategy formulation, strategy implementation, and strategy evaluation. Environmental scanning helps a business identify current and future issues along with “monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation” (Wheelen & Hunger, 2008, p. 10). Strategy formulation is the most imperative portion of the plan mainly because it focuses on “effective management of environmental opportunities and threats, in light of corporate strengths and weaknesses” (Wheelen & Hunger, 2008, p. 12). Management is a key component; without effective management theirs no one to implement, enforce and enhance the company. Managers also work with associated whom generally find the flaws that will ultimately help the business. Strategy implementation is “process by which strategies and policies are put into action through the development of programs, budgets, and procedures” (Wheelen & Hunger, 2008, p. 16). Having these items outlines and available it helps the company know they direction they are heading.…...

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