Strategic Management Process Essay

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Strategic Management Process Paper MGT/498 October 3, 2011 Rob Inglis Strategic Management Process For an organization to achieve its long term goals and objectives it needs to develop a strategic plan. In this paper I will discuss the primary components of a strategic management process, also why a strategic management process is needed, and the strategic management process of Wal-Mart. Components of a Strategic Management Process There are four primary components of a strategic plan. The first component in a strategic plan is environmental scanning which is the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation (Wheelen & Hunger, 2010). The second component is strategic formulation which is the development of long-range plans for the effective management of environmental opportunities and threats, in light of corporate strengths and weaknesses (SWOT) (Wheelen & Hunger, 2010). This component also includes the development of an organization’s mission statement, objectives, strategies, and policies. The third component is strategic implementation which is a process by which strategies and policies are put into action through the development of programs, budgets, and procedures (Wheelen & Hunger2010). The last component of a strategic plan is evaluation and control which is a process in which corporate activities and performance results are monitored so that actual performance can be compared with desired performance (Wheelen & Hunger, 2010). Reasons for Strategic Management Process Strategic management gives an organization the ability to create a clear direction. The organization can develop goals which are a key component of strategic management. The goals provide the organization with direction and help the organization succeed. Strategic management

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