Business Finance
MGT498 Phoenix Components of Strategic Management Process Paper

MGT498

University of Phoenix

Question Description

Purpose of Assignment

The purpose of this assignment is to help students understand strategic business terminology (vision, mission, goals, objectives, specific objectives, internal and external scanning), to recognize the components of a strategic plan and to be familiar with the core information and steps needed to create a strategic plan. Furthermore, this assignment allows students to recognize the difference between strategic planning and strategic management.

Assignment Steps

Write a 700-word analysis in which you complete the following:

  • Describe and define the primary components of the Strategic Management Process.
  • Describe and define internal and external analysis.
  • Describe and define the responsibilities and duties of the Strategic Manager.
  • Explain why companies need strategic management planning.

Cite 3 scholarly references, including at least two peer-reviewed references from the University Library.

Format your paper consistent with APA guidelines.

Final Answer

Attached.

Running Head: STRATEGIC MANAGMENT

Title
Students Name
Institution

2
STRATEGIC MANAGMENT

PRIMARY COMPONENTS OF STRATEGIC MANAGEMENT PROCESS
Environmental Scanning
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.
Strategy Evaluation
After the strategies are implemented, the results are gathered, evaluated and...

Boston College

Anonymous
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Anonymous
Thanks as always for the good work!

Anonymous
Excellent job

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