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Running head: VALUE AND STRATEGY – COCACOLA
Value and Strategy: Coca-Cola
VALUE AND STRATEGY – COCACOLA
Strategic management can simply be defined as the management of the resources of an
organization in order to effectively achieve both the short term and long term objectives of the
organization (Hill, Jones & Schilling, 2014). In other words, it is basically the definition of an
organization’s strategy. Strategic management is, therefore, an ongoing process that involves
environmental scanning, strategy formulation, strategy implementation and lastly strategy
evaluation and control (Hill, Jones & Schilling, 2014).
Environmental scanning involves information collection from both the external and
internal environments of the organization through analyzing the external and internal factors that
are likely to influence decision making within the organization. One major tool used in
environmental scanning is the SWOT analysis. After environmental scanning, strategy
formulation follows where the best courses of action based on the findings from environmental
scanning to accomplish the objectives of the organization are formulated. These courses of action
are the strategies which may be aimed at accomplishing the organizational objectives set. They
could be functional, business or corporate level strategies. The third step of the strategic
management process is ...