Primary Components Of A Strategic Management Process

Strategy: is a long-term game plan in which planning and implementing are two basic principles in guiding an organization forward to a strong and productive future (Rowe & Dato-on Conway, p. 162).

Today, Strategic Management is something really important for companies in order to remain competitive. It is also important to know the definition of this term in order to well understand it. According to the Contemporary Strategic Management 2nd edition book (Grant, Robert, Bella Butler, Stuart Orr and Peter Murray – 2013), “Strategic Management is the process of thinking strategically, setting objectives for the organisation, planning and implementing the necessary changes, and measuring the outcomes.” By knowing it we can see that strategy management is very important for a company. Indeed, strategy is essential for the surviving of the company but also essential to know how the company allocates its resources and how it will achieve its

"Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are

Pearce, J. A. II, & Robinson, R. B. (2009). Strategic management: Formulation, implementation, and control (11th ed.). [University of Phoenix Custom Edition e-text]. New York: McGraw-Hill. Retrieved August 20, 2011, fr

Strategy is defined as a plan of action designed to achieve a major objective. This is the overall operations to achieve a goal. During war the military has tactics which come from the art of planning. A strategy is the guide for the individual, business, or organization to achieve the objective at hand. An individual should map out and meditate in advance to reduce the chance of failing. So, for FedEx, it could be to map out routes to make sure delivery personal does not overlap each other. A strategy is a compass that guides a person along to make sure they achieve their objective.

Also, strategic decision making carried out through the process of strategic management. Like the other terms in business policy, strategic management has also been defined and interpreted differently by various author. There are also differences of opinion regarding the phases of the strategic management process and the elements they contain. These authors include 3 sub processes overall strategic management process. Through the strategy scenario analysis, strategy formulation, strategy implementation, and strategy analysis ( Azhar Kozami, 2005).

In order for corporations to be categorized winning corporations, there must be a set foundation that allows the corporation and the agents inside it, to move as a cohesive unit towards one mission. A clear mission is important because it is the base of the creation of a strategic plan in obtaining the results desired by the corporation. It is much easier to map out the plan towards a clear, concrete, and descriptive mission statement than one that can be misinterpreted by the employees making the calls within the corporation. “But for a company’s mission and values to truly work together as a winning proposition, they have to be mutually reinforcing (Welch 21).” When the goal is not clear, it is hard to set the values―how

Chapter 1 The Nature of Strategic Management Strategic Management: Concepts & Cases 14th Edition Fred David Copyright © 2013 Pearson Education, Inc. Publishing as Prentice Hall Ch 1 -1  Learning Outcomes 

Strategic Planning is one of the most fundamental factors in the success of an organization. This research project will discuss the importance of strategic planning as well as the different components of strategic planning. Many organizations fail to accomplish their goals and tasks due to the lacking of strategic planning. In order for their businesses to be successful, organizations need to be well informed about how the strategic planning process works.

The vision of a company discusses what the company hopes to achieve within a given period. The vision of a company promotes the development and is a measure of growth within the organization. The value of the company incorporates the people who are valuable to the company. The company can value its workers, shareholders or its customers in a given market. The vision of the company should be long term and should be unique compared to the visions of other companies. The management should formulate a mission statement for every statement to remind the workers why the company operates and its objective. The mission statement serves as a reminder that the company has some objectives that the workers have to work on to be achieved. Failure in most companies is attributed to the loss of sight of the objectives set by the company. The management should emphasis on the mission statement to ensure the success of the company (Gittell, 2005).

What Is Strategic Management a process for defining and addressing the management implications of an organization's strategic and operational plans? A long-term context for short-term activities. Strategic management is the analysis of the work done by the management of an organization on behalf of the owners. It gyrates around expressing the purposes of the organization and coming up with an appropriate mission and vision statement. Mission and vision statement together are used to help develop policies and plans to be used in long term and short term goals often categorized as projects or programs. It also involves the right resources of management to ensure that the business profit are maximized to grow the company. Strategic Competitiveness

The Mission, Vision and Values of a company play a Fundamental role in Strategy Formulation and Strategic planning. We will discuss throughout this assignment, how developing effective mission, vision and values can help shape, develop and guide a firms Strategic choices. They reflect the firm's fundamental core ideology. At the most basic level a mission statement can describe the firms overall purpose for being. It provides an inside to the present business scope and purpose of the firm that is "who we are, what we do, and why we are here". It explains the firm's very reason for existing. It will

The strategic management process is sometimes improperly perceived as a unidirectional flow of objectives, strategies and decision parameters from management to the employees. In fact, the process should be highly interactive since it is designed to stimulate input from creative, skilled and knowledgeable people working at every level of the business.

The term strategy is originated from the Greek word called “strategia” which means “generalship.” But, the concept of strategy is not originated with the Greeks. Strategy is the overall plan for deploying resources to establish a favorable position; (Grant, 2010).

Developing a strategic vision and mission statement, and determining your core values. Vision and mission statements outline the organizations long range direction, describes what the organization does, and defines the values that guide the vision and mission. The vision and mission of an organization should stem from its core values (Fuller & Green, 2005).