Strategic Management Process

User Generated

wfnapurm61386

Business Finance

Description

The purpose of this assignment is to help students understand strategic business terminology (vision, mission, goals, objectives, specific objectives, internal and external scanning), to recognize the components of a strategic plan and to be familiar with the core information and steps needed to create a strategic plan. Furthermore, this assignment allows students to recognize the difference between strategic planning and strategic management.

Assignment Steps

Write a 700-word analysis in which you complete the following:

  • Describe and define the primary components of the Strategic Management Process.
  • Describe and define internal and external analysis.
  • Describe and define the responsibilities and duties of the Strategic Manager.
  • Explain why companies need strategic management planning.

Cite 3 scholarly references, including at least two peer-reviewed references from the University Library.

Format your paper consistent with APA guideline

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

Outline
Strategic Management Process
I.
II.

Primary components of the Strategic Management Process
Internal and external analysis

III.

Responsibilities and duties of the Strategic Manager

IV.

Why companies need strategic management planning

V.

References


Running head: STRATEGIC MANAGEMENT PROCESS

Strategic Management Process
Student’s Name
Institutional Affiliation
Instructor
Date of Submission

1

STRATEGIC MANAGEMENT PROCESS

2

Strategic Management Process
In the corporate world, the word strategy is used to refer to the plan that is devised by the
business to able to achieve its long term goals and objectives. Bolland (2017) asserts that the
main objectives of any business are to secure a successful business as well as meeting the
expectation and demands of the stakeholders. To the stakeholders, this would mean the addition
of value to their investment. In this regard, many businesses develop a strategic plan to gain a
competitive advantage in the ever changing social economic and political environment of
carrying out business. For any business to be successful, there is the need for an effective and
efficient management. The business has to come up with a strategic management process whose
primary components should be the strategic position, the strategic choices and how to translate
the strategy into action (Nutt & Backoff, 1987).

Primary components of the S...


Anonymous
Just the thing I needed, saved me a lot of time.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags