Strategic Management Process Paper

Strategic Management Process Paper

Strategic Management

1/31/11

In the Strategic management process there are four stages, Environmental Scanning, Strategy Formulation, Strategy Implementation, Strategy Evaluation each step is used in an organizations strategy for performance. It is the constant processes that appraises the business and industries around it such as competitors and fixes goals to better compete with the industry standards.

Environmental Scanning involves the collecting, analyzing and scrutinizing of information for strategic purposes. It aids in analyzing external and internal factors that influence an organization.

Strategy Formulation is a process of deciding course of action for accomplishing objectives and achieving organizational purpose, usually managers formulate a strategy after scanning the environment.

Strategy Implementation is putting the strategy formulated into action, it includes structure designing and developing decision processes and management of human resources.

Strategy Evaluation is the last step of the management process. The evaluation activities included are appraising external and internal factors that are the roots of present strategies, which allows measurement of performance and corrective actions. This evaluation makes certain that the implementation meets the objectives.

The Strategic Management Process is an extremely beneficial tool companies can use to improve production of sales, knowing where your competition and market is and adjusting, improving profitability and knowledge, and improve productivity and efficiency. Some non-financial benefits know and understanding competitor’s strategies, enhanced awareness of internal and external threats, reduced resistance to change and enhanced problem prevention. These can greatly improve a company’s value and production.

A company that would use this type of management process would be Verizon Wireless, the only thing...