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MGT 498 Week 1 Individual Assignment Strategic Management Process Paper

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Running head: STRATEGIC MANAGEMENT PROCESS PAPER 1
Strategic Management Process Paper
MGT 498
University of Phoenix

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STRATEGIC MANAGEMENT PROCESS
PAPER
2
Strategic Management Process Paper
Abstract
Strategic management serves a crucial role in today’s business environment. Consequently,
organizations are instantly constrained to formulate strategic practices of environmental scanning,
assessment of strengths and weaknesses, and the ability to identify resourceful means of acquiring a
competitive niche. The McDonald’s corporation is regarded as one of the leading organizations within the
global marketplace. As a result, the preceding discussion will analyze the organization’s strategic
management process and the benefits of having an effective strategic management process
Irrespective of the products or services an organization offers, the importance of strategic
planning in today’s business environment is crucial. Organizations are suddenly required to
establish systematic ways of studying the environment, assessing their strengths and weaknesses,
and identifying areas of opportunities to extend their competitive advantage. As Hill and Jones
(2008) points out, an organization’s strategic management process approach can be defined as
the steps it takes to ensure that the reduction of value creation costs and value creation
performance are formulated in ways that consumers are willing to pay more for the product than
it costs to produce it.
The strategic management process is a nine-step progression that encompasses the
identification of the organization’s current mission, objectives, and strategies, environmental
analysis, SWOT analysis, strategy formulation and implementation, and lastly, the evaluation of
results (Robbins & DeCenzo, 2005). This nine-step strategic management process can be seen in
Appendix A.
Once the organization’s objectives, strategies, mission, organizational, and environmental
analysis – the company subsequently evaluates any information collected in terms of
opportunities which can be utilized and any possible threats that lie ahead. In other words,

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