Running Head: STRATEGIC MANAGEMENT
Components of the Strategic Management Process
Strategic planning is an organizational management activity that helps the business is
focusing its energy and resources, setting priorities and strengthening the operations to ensure
that the workers and the stakeholders aim at achieving the common goals. Strategic planning
provides that the company assesses the adjustment within it and works towards the intended
outcomes (Stevenson, 2007). An effective vital plan checks on where the company is headed
to and the actions that it needs to ensure the success as well as the effects it requires to
maintain that it progresses. The five elements of a strategic plan include vision, mission and
aspirations, core values, strengths weaknesses and opportunities, objectives, strategies and
operational tactics, and measurement and funding streams.
Mission, Vision, and Aspirations
A Mission Statement is the company’s overall lasting formulation of why it exists and
what it believes it will become. The mission statement includes the goals the company
intends to accomplish and how it plans to ensure that they are achieved. An exce...