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MGT 498 Week 1 Individual Assignment Strategic Management Process Paper

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MGT 498 Week 1 Individual Assignment Strategic
Management Process Paper
MGT 498 Week 1 Individual Assignment Strategic Management Process Paper
Write a 350- to 500-word paper in which you complete the following:
Describe the primary components of a strategic management process, and indicate why a strategic
management process is needed for a company.
Research at least one company and describe the strategic management process that the company
uses.
Format your paper according to APA standards.
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

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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).
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 organizations
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.

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