Strategic management paper
In the student syllabus the week one assignment asks students to describe the primary components of a strategic management process along with indicating why a strategic management process is necessary in a company. Students must also choose a company in which they find interesting to relate to the company’s strategic process. Description of Primary Components The four basic elements of strategic management consist of environmental scanning, strategy formulation, strategy implementation, and evaluation, and control.
According to Wheelen, and Hunger, (2010, p. 16), “environmental scanning is the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation. ” The easiest way to conduct environmental scanning is through SWOT analysis. Wheelen, and Hunger (2010, p. 17), state “strategy formulation is the development of long-range plans for the effective management of environmental opportunities and threats, in light of corporate strengths and weaknesses.
Strategic management paper Essay Example
However, with this a company will define their mission statement, their achievable objectives, develop strategies, and set their policy guidelines. According to (Wheelen, & Hunger, 2010, p. 21), “strategy implementation is a process by which strategies and policies are put into action through the development of programs, budgets, and procedures. ” Lower or middle class management are the employees who complete the implementation process. This is also known to many managers as operational planning.
According to evaluation and control is a process in which corporate activities and performance results are monitored so that the actual performance can be compared with desired performance. ” However, managers use this information to solve problems or make important decisions. “The company’s past strategy to diversify its product offerings into “storage, printers, and televisions, had not worked as planned” (Hunger & Wheelen, 2010, p.23).
Furthermore, when Dell uses evaluation and control, they are refocusing their companies’ efforts to show a long-term success. By renewing their strategic process, “Dell is now focusing on expanding its market share in China through the use of research and retail centers in the country” (2010, p. 1). In conclusion, the strategic management process allows companies to see what areas they are successful in and which areas they need to improve.