Strategic Management Process

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Strategic Management Process MGT/498 Strategic Management July 26, 2012 Doyle Jones Strategic Management Process MGT/498 Strategic Management week one individual assignment is to” describe the key components of a strategic management process and why a strategic management process is necessary for a business. Research at minimum one corporation and describe the strategic management process that the corporation uses” (University of Phoenix, 2003-2010, p. 2). Before completing the assignment each student must first understanding what does strategic management means. Strategic management “is a set of managerial decisions and actions that determines the long-run performance of a corporation. Strategic management includes, environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control” (Wheelen & Hunger, 2010, p. 5). Primary Components of Strategic Management Process According to Ginter, Ruck, and Duncan (1985), “A normative strategic process that is typically viewed as a continuous process that involves eight steps or phases. The steps or phases are (1) establishing the mission; (2) setting objectives; (3) environmental scanning; (4) identifying internal strengths and weaknesses; (5) formulating alternative strategies; (6) selecting a strategy; (7) implementing a strategy; and (8) controlling to insure the strategy is achieved” (pp. 582-583). Although the normative strategy includes the key components of strategic management, there is a more modern formula that includes four stages or phase for the strategic management process. Those four stages or phase includes: environmental scanning, strategic formulation, strategy implementation, evaluation, and control. (Wheelen & Hunger, p. 15, 2010). * Environmental scanning is the observing, assessing, and
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