Internal factors include issues surrounding human resources, corporate culture, and the availability of resources. External factors include both global and domestic issues a company faces from competitors, regulations, and the economy.
Once the environment has been analyzed, it is necessary to implement functional tactics that will help the firm gain a competitive advantage in the market.
These tactics are specific projects will make measurable progress towards strategic goals, such as advertising campaigns, staff restructuring, etc. Finally, it is necessary for managers to monitor the outcome of functional tactics and adapt to unexpected outcomes. Managers must be able to think on their feet and change functional tactics as necessary.
Rather than seek ambitious growth figures, as many Silicon Valley companies do, HP is entering a phase of staff reduction and cost cutting. Managers at all levels of the company must use strategic management to achieve the goal of becoming a more lean organization.
This means department leaders will need to find ways to utilize resources more efficiently and avoid projects that present high levels of risk. Meg Whitman has taken a conservative approach to achieving these goals and has created a 5-year timetable before the company reaches its specific performance targets Kelleher From this point on, the managers should formulate the strategies to be used for the corporation and the business.
Strategy evaluation is the final step of strategy management process where the original strategy and implementation are evaluated to see if meet the organizational objectives. In this step, is where the performance is measured and remedial and corrective actions are taken. Strategic management process is needed for a company because helps the company to satisfy and adjust to a changing market. Research at least one company and describe the strategic management process that the company uses.
Then it moved into its white space again by developing a model to serve an entirely different customer: References Management Study Guide. Accessed September 14, We will write a custom essay sample on Strategic Management Process specifically for you.
Leave your email and we will send you an example after 24 hours If you contact us after hours, we'll get back to you in 24 hours or less. Strategic Management Process Essay. How to cite this page Choose cite format: Therefore, it has limited value in providing the organisation with a competitive advantage.
Commerce , Strategic management
Strategic Management Process. What are the components of strategic management process and a company that uses strategic management? Strategic management can be defined as the decision-making process based on a company’s mission, vision, and corporate values.
Strategic Management Process Paper. Strategic Management Process Paper Strategic Management Process Paper PRIMARY COMPONENTS According to Wheelen and Hunger (), “Strategic management is a set of managerial decisions and actions that determines the long run performance of a .
1 Individual: Strategic Management Process Paper Individual: Strategic Management Process Paper Toshamekia Doss MGT/ University of Phoenix Online Mark Kaestner March 10, This preview has intentionally blurred sections%(13). Strategic Management Process Paper Devon Knowles MGT/ September 15, Peter Baverso Strategic Management Process The strategic management process consists of four major components; they are environmental scanning, strategy formulation, .
Steps in strategic management process Essay Sample. The strategic management process is more than just a set of rules to follow. It is a philosophical approach to business. Upper management must think strategically first, then apply that thought to a process. a to word paper in which you complete the following:your paper consistent with APA tojikon.ml present at least two to three credible references. Related posts:journal paper summaryAcademic Help Onlinestages of the management decision-making process.