Running Head: STRATEGIC MANAGMENT
PRIMARY COMPONENTS OF STRATEGIC MANAGEMENT PROCESS
It involves both internal and external effects that may influence the success of the organization
and the organization itself. Some of the internal effects include sales data, employee turnover,
quality data and productive data whereas the external includes; information concerning
competitors, the target market information, industry data, economic data. Both the internal and
external forms the SWOT analysis, that is strengths, weaknesses, opportunities and threats.
Strategy Formulation and Implementation
It is based on the inputs gathered through the environmental analysis, specifically the SWOT
analysis. Strategies focusing on the identified strengths and opportunities will be developed, and
to reduce the identified weaknesses and threats. The developed strategies will be supported
through action plans and tactics given to individuals accountable for the successful outcomes.
After the strategies are implemented, the results are gathered, evaluated and...
15 Million Students Helped!
Sign up to view the full answer