Strategic Management Process Paper
Strategic Management Process PapeMGT/498Strategic Management Process Paper The Primary components of strategic management process are set of rules to follow. They are a philosophical way to near business. First, upper management must think in a strategically manner then add the thought process to it. The strategic management process is best understood when everyone across the business unit understands what the strategy is. There are five stages to the process and they are goal setting, analysis, strategy formation, strategy implementation and strategy that we will discuss further.Primary components of a strategic management processThe primary basis for goal setting is to elucidate the vision for your organization. This stage is to recognize three key components: define short and long term objectives, recognizing the process for which you accomplish your objective, and customize the final process for your staff to be able to give each person a job to do for they can succeed (Clayton, 2015). It is important to keep in mind that your goals need to be detailed, need to appear real and match the value of the vision that you are trying to get across. A final approach to this stage is writing a mission statement of your goals that you will likely communicate with your shareholders and staff (Clayton, 2015).
Analysis is a key component to this stage as it holds information that is gained during this process that molds the following two stages (Clayton, 2015). During this stage, collect information and data that is pertinent to achieving your vision. Your focus of the analysis should comprehend the needs of the overall organization as a sustainable entity, the strategic route, and recognizing a fresh approach to resolve issues that will help or improve your organization to develop (Clayton, 2015). Research any external and internal problems that could affect your goals. Recognize strengths and weakness of your business for any threats and opportunities that could develop along the way.Clayton (2015), “The first step in forming a strategy is to review the information gleaned from completing the analysis”, this is strategy formulation. Decide what the business has currently in place for its resources that could aide in defining certain goals and objectives. Determine if external resources need to be used. If any issues arise, prioritize them by importance to the success of your organization. Strategy implementation is vital to your organizations success (Clayton, 2015). This is the operation stage of the strategic management process. If the general strategy does not function properly with the current business structure then a new structure should be implemented at the start of this stage. All individuals across the origination must clearly understand their responsibilities and duties and how it fits in with the goals (Clayton, 2015). Lastly, if there are any resources or funding for the task has to be secured at this mark. Once it is in place and your employees are ready then complete the plan.