Strategic Management - An Introduction

May 29th, 2015
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A. T. Still University
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In order to create appropriate strategic objectives, organizations work to understand their internal capabilities as well as the environment in which they operate. Further, they also seek to clarify their purpose or mission. The situation analysis firmly focuses management's attention on these issues, allowing it to create a fit between its resources and the demands of the competitive situation.

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Strategic ManagementStrategic management is the process of developing and executing a series of competitive moves to enhance the success of the organization both in the present and in the future. These competitive moves are derived from the demands of the external environment in which the firm operates as well as the internal capabilities which it has developed or can reasonably hope to build or acquire. While managers may follow somewhat different strategic management routines, a sound process should include an analysis of the current business situation, the formulation of objectives and strategies based on that analysis, and an implementation and evaluation procedure that ensures progress toward each strategy and objective. This article focuses on the formulation of appropriate strategic objectives based on a sound understanding of the internal and external environments faced by the firm. A brief discussion of implementation is included though this topic is covered in greater detail in other entries.Situational AnalysisIn order to create appropriate strategic objectives, organizations work to understand their internal capabilities as well as the environment in which they operate. Further, they also seek to clarify their purpose or mission. The situation analysis firmly focuses management's attention on these issues, allowing it to create a fit between its resources and the demands of the competitive situation.The steps to be taken in a situational analysis are largel

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