Strategic Management Process Essay

5908 WordsMay 25, 201524 Pages
Expediting the Strategic Management Process Barbara J. Kennedy Liberty University Abstract The organizational mantra is agility, differentiation and profitability and managers must have laser focus into improving the bottom line. The method, by which managers do this, is through developing and implementing the strategies necessary to drive the goals of the company. One of the biggest challenges in today’s business environment is the concept of speed to market which lends to insufficient and well planned business strategies. The duration of making strategic decisions or working through the entire strategic management process framework can last from several months to a few years for a well-planned and successful blueprint. The drawn-out strategic management process is no exception to which many organizations forego important aspects of the process in order to complete the strategic plan. This paper will explore each of the strategic management elements, discuss manager roles and stakeholders relationships, review the organizational barriers and conclude with recommendations in order to further expedite the elongated strategic management process. Expediting the Strategic Management Process Companies obviously find ways to maintain profitability or will eventually fail. At times, they may have to fundamentally change the way they do business to keep up with the competition. Sometimes an economic downturn, or more often a crisis often reveals the need to change internal capabilities or products or else become a casualty (Johnson, Yip, & Hensmans, 2012; Muthusamy, Bobinski, & Jawahar, 2011). During these times, organizations must maintain strength or have to successfully reclaim the leading position in their industry. The method, by which managers do this, is through developing and implementing the strategies necessary to drive the goals of the

More about Strategic Management Process Essay

Open Document