Mgt/498 Wk 1 - Strategic Management Process

Strategic Management Process

MGT/498 - Strategic Management

December 5, 2011

Dr. Tug Gokaydin

Strategic Management Process

In the student syllabus the week one assignment asks students to describe the primary components of a strategic management process along with indicating why a strategic management process is necessary in a company. Students must also choose a company in which they find interesting to relate to the company’s strategic process.

Description of Primary Components

The four basic elements of strategic management consist of environmental scanning, strategy formulation, strategy implementation, and evaluation, and control. According to Wheelen, and Hunger, (2010, p. 16), “environmental scanning is the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation.” The easiest way to conduct environmental scanning is through SWOT analysis.

Wheelen, and Hunger (2010, p. 17), state “strategy formulation is the development of long-range plans for the effective management of environmental opportunities and threats, in light of corporate strengths and weaknesses (SWOT)”. However, with this a company will define their mission statement, their achievable objectives, develop strategies, and set their policy guidelines.

According to (Wheelen, & Hunger, 2010, p. 21), “strategy implementation is a process by which strategies and policies are put into action through the development of programs, budgets, and procedures." Lower or middle class management are the employees who complete the implementation process. This is also known to many managers as operational planning.

According to (Wheelen, & Hunger, 2010, p. 22), “evaluation and control is a process in which corporate activities and performance results are monitored so that the actual performance can be compared...