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MGT 498/MGT498 WEEK 1 INDIVIDUAL 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 consistent with APA guidelines. Add the attached grading rubric to the end of your assignment Click the Assignment Files tab to submit your assignment.

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Running Head: Strategic Management ProcessTitle:Course Name:Topic Name:Professors Name:Student Name:Date:Running Head: Strategic Management ProcessStrategy is the determination of the objectives and main long-term goals of an enterprise, and theacceptance of courses of action and the part of resources necessary for moving out those goals(Heracleous L, 1998). Define strategic management it is a course of action that is meant to reacha business goal. It is really important in setting up and defining the organization's mission, goalsand procedures. Usually the creator or founders of a company take the initial step in creating astrategic management process. This valuable process is liable for carrying out some functionssuch as providing support and direction to employees, setting up considerable goals and a timespan to reach them, and assigning duties to all business personnel (Heracleous L, 1998).In an organizations strategic management process the three primary components areenvironmental planning, strategy formulation, strategy implementation and strategy evaluation(Scandura T & Williams E, 2000). The first component is environmental scanning. It is a useful

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