Strategic Management Process Mgt/498 Week 1 Mgt 498 Essay

597 WordsFeb 26, 20133 Pages
Strategic Management Process Strategic Management Process In today’s business setting, Strategic management supports a crucial role. Therefore, organizations are constantly forced to formulate strategic practices, the assessment of strengths and weaknesses, and the ability to identify imaginative means of acquiring a competitive advantage. The McDonald’s corporation is one of the leading organizations throughout the word. This paper will analyze McDonald’s strategic management process and the benefits brought about. Regardless the services or product an organization may have, strategic planning is crucial in today’s business environment. Now days, organizations are required to establish systematic ways to assess their strengths and weaknesses and study environmental impacts. In addition, companies must identify areas of opportunities to extend their competitive advantage. In short, an organization’s strategic management process approach is defined as the steps it takes to ensure that the reduction of value creation costs and value creation performance are formulated in ways that consumers are willing to pay more for the product than the cost to produce it. The strategic management process is a nine-step progression that encompasses the identification of the organization’s current mission, objectives, strategies, environmental analysis, SWOT analysis, strategy formulation and implementation, and lastly, the evaluation of results. Once the organization’s objectives, strategies, mission, organizational, and environmental analysis is complete – the company subsequently evaluates any information collected in terms of opportunities which can be utilized and any possible threats that lie ahead. In other words, opportunities are positive external factors and threats are negative factors. Additionally, the aforementioned step in the strategic management

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