Strategic Management Paper

Strategic Management Process Paper

MGT/ 498

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Having a business requires the owners to have an idea of how to properly manage employees and make the company a success. A strategic management process has components that help business owners figure out the overall progress of their company. They are also able to identify what changes need to occur to make their business profitable. Bain and Company uses the strategic management process to determine what their business should become and how it can best achieve those goals.

Each company utilizes a different set strategic management process tools to help their business be competitive in today's market. First, one of the components is Goal- Setting, and it helps a company have a clear vision what they want for their business. Goal- setting has three states that help the shareholders and staff understand where the company is heading. The first goal is defining both long and short-term goals, the second is to identify how to reach the objective and third is writing an effective mission statement. The next component of the strategic management process is analysis. The analysis component is a crucial stage because of the information that it gains and helps the company proceed with the other components (Hearst Newspapers, LLC, 2015).

Strategy formulation is the next component that helps review information that was obtained from the analysis part. It helps to determine the resources that the company has and helps it reach their goals and objective. The fourth stage is strategy implementation and it essential for success for the business to venture. It is important for the company to have a steady plan to proceed with a proper strategy. Lastly, evaluation and control is used to help with performance measurements and continuous review of internal and external issues to make sure all mistakes with the strategy are corrected.

The Bain & Company (1996-2015) website states that...