Strategic Management Process Flashcards, test questions and answers

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What is Strategic Management Process?

A strategic management process is the set of procedures and activities used to create, assess, and control an organization’s strategies. It includes analyzing external and internal environments, setting objectives, creating a strategy to reach those objectives, implementing the strategy and monitoring progress towards reaching those objectives. Strategic management can be seen as a decision-making process that leads to setting goals, developing plans to achieve them and taking action in order to realize those plans. The first step in this process is environmental scanning. This involves examining both internal (company resources) and external (industry trends) environments with an aim of understanding how these elements interact and affect the business. This allows for better informed decisions about where the company should go in terms of its mission statement or approach. After analyzing the environment, organizations then need to set their objectives which are usually long-term goals that need to be achieved over time; such as increasing market share or improving customer satisfaction levels. It is important for these objectives to be measurable so that progress can be tracked throughout the strategic management process. Once objectives have been established, organizations then need to develop strategies for achieving them; this involves making difficult choices about how resources should be allocated most effectively in order to meet those goals. Organizations may choose between different strategies such as cost leadership or differentiation depending on their individual needs at any given time. Implementation is the next step which requires turning strategies into reality through appropriate resource allocation, training staff members on new duties or processes they’ll need to undertake if needed etc., so that those strategies actually become feasible operations within the company’s structure. Finally we come onto monitoring which involves tracking whether or not all parties involved are delivering on their promises related to achieving organizational objectives through successful implementation of strategies developed during this entire process; thereby allowing for timely course corrections when needed before it’s too late for corrective measures taken by managers leading up until completion of strategy execution successfully completed by everyone else involved within organization hierarchy system