The Strategic Management Process

RUNNING HEAD : The Strategic Management Process The Strategic Management Process

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Table of Contents

HYPERLINK \l "Title " Title Page-------------------------------------------------------------------- --------------------------1

HYPERLINK \l "Contents " Table of Contents---------------------------------------------------------------- ---------------------2

HYPERLINK \l "_Introduction Introduction------------------------------------------------------------ -------------------------------3

HYPERLINK \l "Strategic " Strategic Management Process----------------------------------------------------------------- ----4

HYPERLINK \l "Planning " Types of planning involved in a Strategic Management Process------------------------------8

HYPERLINK \l "StrategicPlan " Strategic Planning---------------------------------------------------------------- -------------------11

HYPERLINK \l "Management " Management 's Function in Strategic Planning-------------------------------------------------13

HYPERLINK \l "Leadership " Strategic Leadership and Decision

Making-----------------------------------------------------18

HYPERLINK \l "Environment " Effects of Business Environmental Change on Strategy--------------------------------------22

HYPERLINK \l "Conclusion Conclusion-------------------------------------------------------------- -----------------------------25

HYPERLINK \l "References References-------------------------------------------------------------- -----------------------------26

Introduction

Strategic management process can be defined as a managerial process that involves matching organizational capabilities to market opportunities (Stevens , Sherwood , Dunn , Loudon , 2006 ,

. 15 . The process can be either done on a corporate level involving whole companies or divisions or at an individual level involving a single product or service . First , the company 's strategic division analyzes the opportunities in the market and then matches the company 's resources to these opportunities . The major decisions taken by the strategic managers are whether a company is ready to take advantage of the opportunities in the market place , and set a broad plan to achieve it . To ensure that the strategic planning in a company is successful , the top management and line managers need to be closely involved in the process , and not just the strategic planners who facilitate the process

This discusses the strategic planning process in general as it applies to a company . The various elements of the process are analyzed first , in addition to the roles of the various managers in the process in the literature review section . The practical aspect of planning , the issues that can arise in various situations are covered next in the analysis . The problems arising from incorrect or incomplete planning process are also discussed in this section . The explosive rate of globalization has affected the strategic management process in a big way , and so has the computerization of business due to the advent of Internet . The affects of these changes on the strategic management process are discussed in the subsequent section . Finally a summary of the is given which highlights the main points of the discussion in the previous sections

Strategic Management Process

Strategy defined by Armstrong (cited in McCourt , Eldridge , 2003 ,

. 25 is a statement of what the organization wants to become , where it wants to go and , broadly how it means to get there . Mc Court and Eldridge have also described strategic management as a simple process and have given the following figure to mention the various components associated with it Fig : 1 Strategist Management Process (McCourt , Eldridge , 2003 ,

. 25

According to the figure given above , the strategic management process begins with a mission , which is essentially the intention of a company 's existence and its purpose in general . Companies usually have a well-defined mission statement towards this purpose . The next element i .e . objectives define a company 's specific...