Strategic Paper

In: Business and Management

Submitted By njbee2010
Words 879
Pages 4
Strategic Management Process Paper
Natasha Barnett
May 30, 2012
Luvi Mendoza

When a company is trying to achieve a goal for the company this always involves planning. To be able to succeed to have to map out how you plan to get there and what it will take to make it happen. Many companies will use the Strategic Management Process for each department of the company as each department as their own goals to meet and then there will be a process for the company as a whole. Within the Strategic Management Process there are seven steps and the steps consist of: The Mission, Business and Operation analysis, Develop and select strategic options, Establish strategic objectives, Strategy Execution Plan, Establish Resource Allocations, and Execution Review. These steps all play an important role and have a reason to be in the steps required to reach one’s goals.
Primary Components of a Strategic Management Process Every component plays its own role and each role is very important in every plan. When making out a plan you have to first start with the Mission, which is basically what the end result that they are shooting for is. The mission would be information that has been obtained either from employees, data, customers, etc… Any and all organizations have to have a mission and a vision for their company for their customer and stakeholders to know where the company plans to go. Knowing what your completion is and also knowing what your company is good at and what they are bad at is part of this plan called the SWOT analysis. On information provide in step 1 and step 2 we would then want to develop what type of options we have, this would be the developing and select strategic option step 3. Then we would want to Establish Strategic objectives one would want to look at the overall picture of the organization and set some goals and make a…...

Similar Documents

Strategic Choice and Evaluation Paper

...Strategic Choice and Evaluation Paper Target Firm: Hamilton Sundstrand is a subsidiary of United Technologies Corporation and is among the largest global suppliers of technologically advanced aerospace and industrial products. With more than 50 major facilities worldwide, Hamilton Sundstrand designs and manufactures aerospace systems for commercial, regional, corporate, and military aircraft, and is a major supplier for international space programs. Introduction A company is continuously faced with decisions to select among the factors that would make the business more attractive and focus on the ones that defines and aligns with its visions of “what it would like to be”. A company can overextend itself by attempting to have the best service or delivery time, the highest quality product, and the lowest cost; and could possibly result in failure. Therefore, it is inherent that a company use strategic planning to focus on primary objectives for long-term preparation and success. Hamilton Sundstrand and its sister companies are already market leaders in many established and mature markets; however, in order to continue its growth in the near future an examination of its long-term objectives is necessary. According to Pearce and Robinson, Strategic Management: Formulation, Implementation, and Control, there are seven common categories of long term objectives: profitability, productivity, competitive position, employee development, employee relations, technological......

Words: 1702 - Pages: 7

Strategic Management Process Paper

...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...

Words: 533 - Pages: 3

Strategic Initiative Paper

...Strategic Initiative Paper Iam Anonymous FIN/370 January 8, 2013 Dr. Finance Strategic Initiative Paper A business with a competitive edge, growth and financial stability is usually developed with the proper strategic and financial plans. This process starts by clearly defining your business goals, objectives and determining how much money it will take to accomplish them. In the process of Strategic and Financial planning certain steps or developed, implemented and followed through as an outline in determining the direction you want your business to go into as well as how the goals you have set, and who will be assigned to assist in monitoring the process and accomplishing those goals. Strategic planning is also a process of that involves investigating and assessing the competitions strengths, weaknesses, accomplishments and threats and applying them according to the plans of your business. Financial Planning is managing the finances over a period of time so that the business will and can continue to operate, Plans for the company and employees future. When the strategic plan is developed for the business having the adequate finances play the most important role in getting started, company and organization without the adequate funding and financial guidance, goal and plans set for the business are limited and will not be beneficial and could result in a failing company. Businesses that usually follow their business outline eliminate areas of inefficiencies...

Words: 1462 - Pages: 6

Strategic Management Process Paper

...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,......

Words: 1103 - Pages: 5

Strategic Plan Paper

...Strategic Plan Paper MGT/498 Strategic Plan Paper Since its inception 1991 Riordan has been an industry leader in the injection mold industry. Dr. Riordan had a vision when he opened the first plant in Michigan, and his vision was growth, innovation, and to always meet his customers needs. His vision was the driving force for Riordan’s strategic plan in the 90s and early millennia just as it is today, but the scope of his vision has grown into new marketing arenas and will need refining if it is to keep Riordan growth rate and financial success at its current level (Riordan, 2013). With the expansion of Riordan into China as well as the retooling of existing plants for custom plastic injecting has changed the internal dynamic of Riordan and both internal and external strategies will need to be adjusted to maximize production and marketing potentials. Riordan’s Strategic Plan The Future Strategic Planning is a widespread development for shaping a business into what it will become and how to achieve the goals in a systematic way. Riordan manufacturing needs a strategic plan to become the top industry globally to manufacture plastic in injection molding. Strategic management process is strategies, decisions, and actions define by a company to determine the performance of the organization. The components Riordan needs to succeed in business are (Wheelen & Hunger 2010). The use of Environmental Scanning, Strategy Formulation, Strategy implementation, Evaluation, and......

Words: 1858 - Pages: 8

Strategic Management Process Paper

...Strategic Management Process Paper Robert Jeans MTG 498 November 6, 2013 William Stevenson Strategic Management Process Paper Strategic management is a set of activities and processes that companies us in an organized fashion to structure the resources and actions of the organization to accomplish the mission and vision in a strategic manner. The activities used are organized into a systematic plan that can be measures through performance, and feedback is used to evaluate the decision making process so that the plan can be adjusted to fit the current needs of the organization as the environment and circumstances change ("Balanced Scorecard Institute, Strategy Management Group", 2013). This paper will explain the primary components of the strategic management process and its importance to an organization then conclude with a look at how it is used at Target Corporation. The strategic management process consists of four primary components which includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control. Environmental scanning is the gathering information phase. At this stage management is interested in external opportunities and threats such as the natural environment, the social climate, and intended industry environment; as well as internal strength and weaknesses such as the management structure, the organizations culture, and its available resources.......

Words: 611 - Pages: 3

Strategic Management Process Paper

...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......

Words: 447 - Pages: 2

Strategic Management Process Paper

...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......

Words: 508 - Pages: 3

Strategic Management Paper

...Strategic Management and Planning Paper Marcy Blind Univ of Phoenix BUS 475 Brandan Krieger February 10, 2014 Strategic Management Paper Strategic management is collection of activities and processes that companies use to strategically coordinate resources and activities with the vision and mission statement throughout the organization. The purpose of this management plan is to put a plan into action and then have valuable feedback so the plan can be reevaluated as the external and internal dynamics evolve. At its core this is just the concept of having some feedback controls to evolve the plan to changing variables. This helps organizations to meet with the challenges with better focus and strategy. Purpose of strategic plan Strategic plan is a tool to manage the organization in more streamlined and optimal way. It helps in promoting the vision and goals of the organization throughout the organization. This avoids sub-optimization in the organization and helps the different branches to have better focus and coordination in between them. This also incorporates the organization strengths and weaknesses and then this data is used to formulate the best possible outcome for the organization. The plan also sets the goals the organization needs to achieve and how they will be achieved. This also includes the parameter against which the performance of organization will be measured and the time frame in which evaluation should be done. Components of......

Words: 811 - Pages: 4

Strategic Initiative Paper: Starbucks

...Strategic Initiative Paper: Starbucks Starbucks Corporation (Starbucks) is known as one of the selling leaders of roasted and specialty coffee in the retail industry. Starbucks has been focusing on creating a detailed strategic and financial plan that will aid the company in surpassing its competitors. The purpose of this paper is to investigate Starbuck’s actions upon creation of strategic and financial plans, the strategic initiatives associated with this plans, and the impact initiatives have on cost and sales as well as associated risks. Strategic Planning Process and Strategic Initiative In 1971 the birth of Starbucks began, three partners Jerry Baldwin, Zev Siegel and Gordon Bowker opened the first location in Pikes Place Market in Seattle with $1350 a piece and an additional $5,000 borrowed from a bank making their initial investment $9,050. In 1981 Howard Schultz joined the team during their first encounter Baldwin told Schultz, “We don’t manage to business to maximize anything other than the bean” the Part of Starbucks Strategic plan was once it turned public in 1992 was to grown the number of locations from 165 in 1992 to 1,381 by 1997. Part of Starbucks strategy was to place the first location a large city and then branch out from there until eventually now where there are Starbucks everywhere. The rapid growth Starbucks created a new position of zone vice presidents, the zone vice presidents became responsible for the overall operations of the area, it......

Words: 1385 - Pages: 6

Strategic Manament Process Paper

...Strategic Management Process Paper Name University of Phoenix January 06, 2015 Strategic Management Process Paper Strategic management process is made of four steps that helps an organization meet goals and choose strategies that will help with achieving goal and have a better performance. The four steps in strategic management are Environmental Scanning, Strategy Formulation, Strategy Implementation and Strategy Evaluation. These steps are in Chronological order and are used in these order when creating a new strategic plan. Environmental Scanning is when the information is collecting, analyzing and providing data for the strategic plan. The analyzing of the data helps the factor, internal and external in influencing the organization which the plan is going to be for. Once the environmental analysis is process management should evaluate it and continue to improve it. Strategic Formulation is when the organization decides the best course of action for accomplishing the organizations objectives and achieving its purpose. Strategic Implementation is when the strategic plan is implemented making the strategic plan work or putting the plan into action. This step also includes the design of the organizations structure, making decisions and managing human resources. And the last Step of the strategic plan is Strategy Evaluation, this final step is when the organization evaluates the strategic plan and how successful it was. This step is done by measuring performance......

Words: 404 - Pages: 2

Strategic Paper

...SAMPLE S T R ATEGIC BUSINESS PLAN An Internet Sports Entertainment Portal This document was written by: "Business Solutions for eCommerce" The "Digital Coast's" leading ebusiness consulting firm, established on the belief that there is a critical need for objective and creative analyses of the strategic possibilities of eCommerce and Internet technology. eStrategy Partners provides both the strategic expertise of traditional management consulting firms and the technical planning capability and accountability of Internet professional service companies. "eStrategy" -- the identification, design and implementation of business solutions for eCommerce. Copyright & Disclaimer This business plan is presented here to benefit and promote the services of eStrategy Partners, LLC. The information and ideas herein are the confidential, proprietary, sole, and exclusive property of eStrategy Partners, LLC This plan should not be construed as an offer to sell securities in, Inc. 2 Non-Disclosure Agreement You are being furnished with confidential information that has been prepared by eStrategy Partners, LLC (The "Company"), and you may be furnished with additional information by the Company or by its representatives or agents in connection with evaluating a possible transaction with the Company. By your acceptance and as a condition hereof, you agree to treat all information concerning the Company which......

Words: 10425 - Pages: 42

Strategic Paper

...Strategic Management Process Paper Strategic Management Process Paper Before any business is started they have to have their own strategic management. I want to start my own business by forming my own bakery. I have to first achieve my mission and my vision. In order to do this I also have to have specific goals and objectives. It isn’t just strategic management that is involved it’s also process strategic management. The process of starting the business starts with either the owner or the manager. The manager or owner is faced with many situations. They are challenged through everybody including people working for them, the customers, banks, tax people, and sometimes even the worse the law. Overcoming all these challenges and getting things done is called management success. Management success is an accomplishment of the mission and objectives. Not all owners or managers succeed in their businesses though. They fail to accomplish the mission and objectives. Success in a business also requires in my belief effectiveness and efficiency. There is also much more to that in owning your own business. There is a formulation that many businesses do use. It is called the P-O-L-C formulation. This is a strategy formulation and it stands for planning, organizing, leading, and controlling. I will begin to explain the planning process. This is the most important process of all the steps that are......

Words: 810 - Pages: 4

Strategic Management Paper

...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......

Words: 847 - Pages: 4

Strategic Management Process Paper

...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....

Words: 689 - Pages: 3

Read More | Halt and Catch Fire | Recomendadas