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Strategic Management and Its Components

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Submitted By terrence26
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Strategic Management and its Components

Terrence Suggs
MGT/498
March 16, 2015
James Powell

Strategic Management and its Components

Strategic management is the process that managers use to create, implement, and evaluate a strategic plan in the organization successfully. There are various models of strategic management. These types vary from one business to another, depending on the leadership styles, the experience a company has earned in coming up with a successful strategy and organizational culture (Smircich et al., 1985). There are different components of strategic procedure that are spread all over the stages of strategic planning. In most cases, strategic planning system consists of four most common phases which include a strategy analysis, formulation of the strategy, the implementation phase, and finally monitoring stage. However, this assignment will look at the five steps and offer an in-depth analysis of the different stages (Covin & Slavin, 1989).
The first stage of strategic management is the initial assessment. This is usually the starting point for every company and it involves the managers identifying the company vision and the mission. In this case, the vision states where the company desires to be, whereas the mission describes the organization’s business operations and standards of working. After the identification of the enterprise mission and vision, the manager should evaluate the company’s internal and external environment and analyze its competitors (David, 2007). This is the second stage of the strategic process, which involves the analysis of the strategy. In internal analysis, the managers look at the company's core competencies, resources, and the activities. On the other hand, the external analysis involves an evaluation of the enterprise’s external forces. The forces that affect the organization of the company arise from…...

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