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Title: STRATEGIC MANAGEMENT PROCESS
Description: Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. Simple as it may sound, this is a complex process that also covers formulating the organization's overall vision for present and future objectives.
Description: Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. Simple as it may sound, this is a complex process that also covers formulating the organization's overall vision for present and future objectives.
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STRATEGIC MANAGEMENT PROCESS
Strategic management can be defined as the process of planning, monitoring, analysis, and
assessment of all necessities that an organization needs, to meet its aims and objectives
...
The process requires a commitment to strategic planning which is a subset of business
management that involves an organization's ability to set both short and long-term goals
...
Having a defined process for managing an
organization's strategies will help organizations make logical decisions and develop new
goals quickly in order to keep pace with evolving technology, market, and business
conditions
...
Separating roles and duties to people and
team management should be carried out at this basic stage
...
Gathering information and analysing - the data gathered from within the organization and
the market help in developing a constructive plan that acts as a foundation for strategic
management
...
Strategy forming - in this step, all the data and information collected are used to form a
unique strategy that satisfies all the necessities and requirements based on the resources
available
...
Identifying the capability of your resources becomes important in strategic management
...
Monitoring - involves analyzing, managing, tracking, and evaluating every step that is
associated with the strategic management plan
...
You can also do certain adjustments and new planning if
required
...
Two important
strategies used are SWOT and the balanced scorecard
...
Internal factors here being
the strength and weaknesses that are present in your organization while external factors being
the positive and the negative factors which are opportunities and threats present outside of
your organization
...
Balanced scorecard aid you find which facets of your business require improvements, by
breaking down the performance evaluation method into four areas known as legs (Learning
and growth, business processes, customer perspectives and financial data)
...
Advantages of Strategic Management
1
...
2
...
3
...
In the setting of measures of success, the organization first
decides what is crucial to its ongoing success and then forces the establishment of
objectives and holds these crucial measures in front of the board of directors and
senior management
...
Provides organizational perspective: strategic management takes an organizational
view and looks at all the components and the interrelationship between those
components in order to produce a strategy that is excellent for the entire organization
and not a single component
...
Anticipate the future environment: Anticipating is not an easy task as one can never
be accurate about it
...
2
...
3
...
This is a long process because a single variation in one
element can affect all the factors
...
Title: STRATEGIC MANAGEMENT PROCESS
Description: Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. Simple as it may sound, this is a complex process that also covers formulating the organization's overall vision for present and future objectives.
Description: Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. Simple as it may sound, this is a complex process that also covers formulating the organization's overall vision for present and future objectives.