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Running head: STRATGIC MANAGEMENT
The success of an organization is determined by how the five function of management are
carried out. The management functions have a trickledown effect since responsibility flow from
the top management to the low level personnel who are assigned to various roles in the
organization. The approach towards management increases the business’ success chances.
Components of Strategic Management
Strategic management is the process of employing objective-oriented, large-scale
approach through the employment of various components such as goal setting, environmental
skimming, strategy development and implementation and strategy evaluation.
Goal setting is a crucial component of strategic management for an organization. It gives
the employee the idea and motivation towards reaching a certain target. With goal setting, the
organization is able to transparently accomplish its main purposes in the industry. In addition to
this, the company’s vision is also clarified.
Environmental scanning or skimming is basically the process of reviewing as well as
processing all the areas that might have an impact on an organization and its operations. Factors
affecting the company may be internal and external. Internal factors include productivity rates,
employee turnover, sales data, and profit margins among others. External factors are as easy to
process as internal factors. These factors may include the economy’s overall data, the target
market and the competitors of the company (Goetsch, 2014).
Strategy Development and I...