process of strategic_management

May 29th, 2015
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A. T. Still University
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Strategic management refers to the art of planning your business at the highest possible level. It is the duty of the company’s leader (or leaders). Strategic management focuses on building a solid underlying structure to your business that will subsequently be fleshed out through the combined efforts of every individual you employ. Strategic management hinges upon answering three key questions: 1. What are my business’s objectives? 2. What are the best ways to achieve those objectives? 3. What resources are required to make that happen?

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Strategic management refers to the art of planning your business at the highest possible level. It is the duty of the companys leader (or leaders). Strategic management focuses on building a solid underlying structure to your business that will subsequently be fleshed out through the combined efforts of every individual you employ.Strategic management hinges upon answering three key questions:1. What are my businesss objectives?2. What are the best ways to achieve those objectives?3. What resources are required to make that happen?Answering the first question requires serious thought about what your ultimate goals are for the business. What are you trying to make happen? What are you attempting to facilitate or enable? What is the best possible outcome your company can aspire to?Drilling down to uncover a companys core objectives can have several phases:Assessing the landscape within which the company will operate, and formulating how the company sees its role within that landscape. This is commonly known as amission statement.Establishing objectives to answer some of the unmet needs, taking both a long- and short-term view of what the company can offer. This is commonly known as avision statement.Stipulating the goals the company has for itself, both in terms of financial and strategic objectives.Once these steps have been taken, a strategic plan should begin to emerge effectively setting the stage for answering the second question above, or

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