Browse over 20 million
homework answers & study documents

Accounting

MGT 498 Strategic Management Process Paper

Type

Homework

Rating

Showing Page:
1/8
MGT 498 Strategic Management Process
Strategic Management Process
RUNNING HEAD: STRATEGIC MANAGEMENT PROCESS
Strategic Management Process
MGT 498 Strategic Management
The purpose of this paper is to illustrate and discuss the components
of the strategic management process and to indicate why such a
process is necessary for an organization.
Strategic management involves several steps, one of which most
fundamentally is strategic planning as the organization needs to
determine where in the business environment it exists and where it is
going.
Strategic Management
Strategic management involves a series of management decision,
plans, and actions that involve the long run performance of the
organization. These actions include environmental scanning (both
external and internal), strategy formulation (strategic or long-range
planning), strategy implementation, and evaluation and control. The
study of strategic management, therefore, emphasizes the monitoring,
and evaluating of external opportunities and threats considering a
corporation’s strengths and weaknesses (Wheelen & Hunger, 2010).

Sign up to view the full document!

lock_open Sign Up
Strategic management is a method of recognizing and executing the
mission of the organization by matching its capabilities with the
demands of its environment. It is to identify the organization’s
strengths and weaknesses while exploiting its strengths and
minimizing its weaknesses. These steps are used to create competitive
advantages and advance toward a vision created for the organization.
Phases of Strategic Management
Organizations go through different stages of strategic management,
these phases evolve into more complicated and formal types of
strategic planning, as they develop they get more detailed, refined,
and granular.
Strategic management, in its most basic form includes financial
planning that consists of budgeting projects for the time the budget is
for (usually one year). This type of planning involves information
from within the firm and is very simple.
Another phase of strategic planning includes forecast-based planning,
which involve longer term planning and take in information from
within the company and environmental data, such as opportunities
and threats that could affect the organization.
A third type of financial management includes externally oriented
strategic planning, which is when the organization seeks to increase
its responsiveness to changing markets and competition by thinking
strategically. “Planning is taken out of the hands of lower-level

Sign up to view the full document!

lock_open Sign Up

Sign up to view the full document!

lock_open Sign Up

Anonymous
Heard about Studypool for a while and finally tried it. Glad I did caus this was really helpful.

Anonymous
Just what I needed… fantastic!

Anonymous
Just what I needed. This document gave me a good start on tailoring my own answer.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4