Ethics Paper

strategicalal Management Process Paper MGT/498 March 1, 2011 Mark Tocco Strategic Management Process Paper A strategic care handle consists of guidelines that create opportunities to enhance performance of an organization. According to Hunger and Wheelen, (2008), the introductory model of strategic management includes four primary components: environmental scanning, system formulation, strategy implementation, and evaluation and control, (p. 10). The following will divulge each component in further detail and fork over reasoning why companies need strategic management processes. Furthermore, a brief analysis of how a company uses a strategic management process is provided. Four Primary Components environmental Scanning Environmental scanning entails gathering information based on ingrained and external factors. A SWOT (strengths, weaknesses, opportunities, and threats) analysis may settle down the internal and external factors. Internal factors may include management structure, culture of the company, and resources acquired within the company. External factors may include sedulousness and societal environments. An industry analysis may reveal competitors, shareholders, and customers.

societal environment analysis may determine economic, cultural, and legal forces that may affect the objectives. Strategy Formulation Within this aspect of the model, the company must develop the long term plans. This begins with establishing a mission statement, followed by clearly defining the objectives to reach the desired results. Developing strategies to accomplish the mission and objectives proves the next step. The last step in formulating strategy includes establishing policies for decision-making. Strategy Implementation Implementation consists of turning plans into actions. This area of the model entails lead specific elements: activities, costs, and procedures. Activities explain what a company must do to achieve the plan, whereas the procedure provides... If you want to get a broad essay, order it on our website: Orderessay

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