Running Head: VALUE AND STRATEGY
Value and Strategy
VALUE AND STRATEGY
Major Components of the Strategic management Process
Environment scanning, strategic formulation and implementation, and strategy evaluation
and control are the major components of the strategic management process used by ALLETE
Inc. Environment scanning involves the collection, scrutinizing, and providing reliable
information for a strategic purpose. Environment scanning is important to the ALLETE Inc
because it helps in analyzing the external and internal factors impacting the company (ALLETE
Inc., n.d). After analyzing the external and internal factors, the management usually evaluates it
on a continuous basis and strives toward improving it.
Strategy formulation at ALLETE Inc encompasses deciding the best course of action for
accomplishing the company's objectives in order to achieve organizational purposes. After
executing environment scanning, managers then formulate business, corporate, and functional
strategies that are in line with the company's objectives. Strategy implementation involves
making the strategy work as it was intended (Greenberg, 2014). During strategy implementation,
ALLETE Inc designs the company's structure, allocate and distribute resources, developing a
decision-making process, and manage human resources.
Strategy evaluation is the final phase of a strategic management process. Strategy
evaluation process encompasses appraisal, examining the underlying facts of a company's
strategies, comparing expected results with actual results, and taking corrective or remedial
actions. As part of the strategic evaluation process, s...