Enviroment Essay

438 WordsJul 19, 20122 Pages
environmental scanning, strategy formulation, strategy implementation, and evaluation and control Describe the primary components of a strategic management process, and indicate why a strategic management process is needed for a company. One primary component of a strategic management process is Environmental scanning. For a company to be successful and initiate strategic managerial process environmental scanning plays that vital role to the company, begin able to find out what elements affect the company, understanding what external forces will play critical role in management decision on were opportunities and threats lies. An example is the company did an environmental scan and projected that in the next 5 years potential customers ages 20-25 will increase from 15% to 30%. This information will enable management to decide what kind of new products to consider. Strategy Formula is another primary component of strategic management process which deals with strategies and plans to accomplish organizational objectives. Strategy formula serves as a second stage in the strategic management process thus after environmental scanning the next step will be formulating functional strategies. Without strategy formula management will have no set pattern in obtaining organizational objectives. Another primary component is strategy implementation which sees to the business strategic plan translate into action successful and positive towards the final element of strategic management process. This process also includes the construction of company structure, allocation of resources and developing decision making process. The last primary component strategy is evaluation and control, this step serves as the final stage in the primary component strategy. This component sees to it that all organizational strategy and implementation meets the set objective set by the

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