Strategic Management Procedure

Companies develop some kind of a strategic administration plan to get into, maintain, or perhaps continue to grow their position to competitors in their industry. The primary goal of any business is to supply a product or service to make a profit. Although objective remains the same regardless of the organization, the strategic administration processes can vary. Prior to talking about the components of your strategic management process, a single must 1st understand the definition of strategic supervision. Strategic management is " a set of managerial decisions and actions that determines the long-run overall performance of a corporation” (Wheelan & Hunger, 2010). The concept of tactical management enables a company to set goals to be able to secure durability for the future. You will find four measures in a strategic administration plan: scenario analysis, approach formulation, strategy implementation, and strategy analysis (Whelan & Hunger, 2010). These steps are performed in this particular order the moment developing a fresh plan of management. Condition analysis consists of reviewing the internal and exterior environment as well as the organizational framework of a organization. When centering on internal environment of a organization one must focus on the several working human relationships within the business. To analyze the external environment would include evaluation of relationships the corporation has using its customers, suppliers, creditors and competitors. (Coulter, 2005). The 2nd step in tactical management program is technique formulation. In this step the strategies for the business are formulated focusing on the strengths. Approach formulation could be categorized into three company levels: functional, competitive and corporate (Coulter, 2005). Strategy implementation is the next step. In this stage the tactics that were formulated in the previous step are carry out. This includes development of operating procedures necessary to put into action the tactics...

References: Coulter, M. (2005). Strategic Management in Action. (3rd ed. ). Upper Saddle River, NJ:

Pearson Prentice Hall.

Wheelen, T. T., & Food cravings, J. M., (2010). Ideas in ideal management and business

policy (12th ed. ). Upper Saddle River, NJ-NEW JERSEY: Pearson Education



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