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.
Explanation & Answer
Attached.
Running Head: STRATEGIC PLANNING
1
Strategic Planning
Name
Institutional Affiliation
STRATEGIC PLANNING
2
Primary Components of the strategic management process
The four major components of a strategic management process include environmental
scanning, strategy formulation, strategy implementation, and strategy evaluation. These are the
strategies that should be used by any management team when coming up with strategic
management ideas. Environmental scanning refers to the process of gathering, scrutinizing, and
synthesizing information for strategic decisions. Environmental scanning assists the organization
in analyzing internal and external factors affecting the organization (Bettis et al, 2016). The
strategic formulation is the process of designing the course of action for executing the strategic
objectives of the organization. The strategic formulation is essential because it determines
whether or not the strategic management process will be successful or fail.
Strategic implementation is the process of executing or putting the strategy into real
action. This is done in different ways depending on the ideas, employees, and the management
team. It is...
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