Strategic Management Paper

Strategic Management Process

Sandra Mobley

MGT/498

March 24, 2014

John Vincent

Strategic Management Process

The process of strategic planning is something all successful businesses use to establish a solidified structure with the potential for financial growth. Stakeholders have the responsibility to understand and interpret the strengths, weaknesses, and risks involved with the company. The business term for this process is referred to as SWOT analysis. Strategic management has been proven to be essential for the finance, human resources, marketing and management of a company. Throughout the research process, every company establishes a thought out strategic plan for continual success. Each of the following companies actively uses strategic planning: Coca Cola, Pepsi, Southern Wines & Sprit, Macy’s, Wal-Mart, and Target. Furthermore, strategic planning is an essential part of non-profit organizations as well. For example, part of the strategic planning can include being creative with the name brand and designer labels.

The following will discuss the fashion industry and process of the strategic planning performed through SWOT and the success the system was able to provide in regards to the fashion label of Baby Phat by Kimora Lee Simmons.

Baby Phat is a designer label, which was introduced in 1999 and founded by Kimora Lee Simmons as well as her husband Russell Simmons. Successful organizations will always beginning with successful planning; this process will permit a company to establish their internal and external strengths, weaknesses, and opportunities. The discussion of the previously mentioned topics will be critical to how shareholders will be able to approach the good and bad areas of the organization in regards to internal and external operations. SWOT provides a company with the beginning, a checkpoint, and permits the shareholders to continuously evaluate the process. The second step of strategic planning is establishing objectives...