Strategic Management

Strategic Management Process Paper

Steven Simmons Sr.

University of Phoenix

MGT/498

John T. Opincar

January 27, 2011

Abstract

Steven Simmons Sr. will discuss and define situation analysis, strategy formulation, strategy implementation and strategy evaluation, also known as the primary components relating to the strategic management process. The components relating to strategic management are essential to the formation, functioning and failure or success of the organization. The strategic management process is an integral part of every business venture. The weaker the strategic management process, the weaker the business venture will be, ultimately failing or not succeeding.

Strategic Management Process

The four elements or components, which make up the strategic management process, include situation analysis, strategy formulation, strategy implementation, and strategy evaluation. Each component of the process is strategically designed to evolve the business into a successful venture. The components should be addressed in order, neither component exceeding the other. As businesses grow or begin to fail, the strategic management process will always be revisited for possible improvements or inaccuracies.

Situation Analysis

The first step in the strategic management process is Situation analysis. In this step, the information required to create the company’s mission or vision statement is found. By using several techniques situation analysis can yield unimagined results. Two of the most effective strategies or methods are communication and observation. Observing the company’s internal environment is an essential part in the situation analysis. This includes management interaction with shareholders, employee interaction with management, employee interaction with other employees and manager interaction with other managers. Observing surveys, discussions and interviews will also shed some light on the company’s internal...