Mgt 498 Strategic Management

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Strategic Management Process Paper By MGT 498/Strategic Management April 29, 2013 Amy Navoa Strategic Management Process Paper When looking at a successful business or organization many people often wonder what it is that makes them successful? Though there can be many minor factors that play into their success, Strategic Management is one of the key components in any successful business or organization. This paper will look at the primary components of strategic management process, why it is needed for a company and then describe a company and the strategic management process it uses. Primary Components of Strategic Management Depending on who you speak with the primary components of strategic management can vary, but more times than not it accomplishes the same goal. The primary components of strategic management that will be used in this paper are environmental scanning, strategy formulation, strategy implementation and evaluation and control According to Wheelen and Hunger (2010). Environmental scanning in laments terms is SWOT or SWOTT analysis, which is used to gather information. Strategy formulation is development of long range plans directly resulting from the environmental scan. Strategy implementation is “a process by which strategies and policies are put into action through the development of programs, budgets, and procedures” (Wheelen & Hunger, 2010, ). Last and definitely not least is evaluation control which is used performance or measures are evaluated or monitored. Necessity of Strategic Management As mentioned in the introduction, strategic management is a key component to any successful organization. To understand why is in the definition. Strategic management is “a set of managerial decisions and actions that determines the long-run performance of a corporation” (Wheelen & Hunger, 2010,). A corporation in order to be

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