Strategic Management Essay

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Strategic Management Process Stacie Kiss MGT 401 June 6, 2011 Dan Daily Abstract Strategic Management is a process that involves developing a blue print to guide a business as it strives to accomplish its vision, mission, goals, and objectives and to keep it from straying off the desired course. (Zimmer, 2008) Strategic Management Process There are nine steps that should be considered when a company is developing its strategic management process. 1. Develop a clear vision and translate it into a meaningful mission statement. 2. Assess the company’s strengths and weaknesses. 3. Scan the environment for significant opportunities and threats facing the business. 4. Identify the key factors for success in the business. 5. Analyze the competition. 6. Create company goals and objectives. 7. Formulate strategic options and select the appropriate strategies. 8. Translate strategic plans into action plans. 9. Establish accurate controls. Each one of the above mentioned steps helps in building the company’s vision by having a clear visions and translating that vision into its meaningful mission statement. This vision of the company is how the company expects to service its staff, clients, investors, lenders, and the community it serves. The vision is the expression of what the company stands for and believes in. The strategic management process is the beginning blue print of the business and how it plans to paint the picture of the company. The vision statement should be able to show what direction the company is going, decisions that will be made, and the vision will need to excitable and motivate people in order to for the company to be successful. Business is offering and its purpose. The mission statement gives the company a sense of direction and lets people know why it’s there, where it’s going, and “What business we are in?” The

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