The Strategic Management Process

Strategic Management Process

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Strategic Management Process

Over the last few decades, strategic management has gained its popularity and many organizations, private, governmental and non-governmental, have adopted it in the execution of its duties in order to effectively and efficiently achieve their desired goals and objectives. The strategic management processes differ with the type of organization and because of this; a strategic management process fit for a given company cannot be fit for another. This has led to varied definitions of the term strategic management by different scholars. Meyer defined strategic management as the process by which managers identify the goals and objectives of a company understand the future threats facing the company determine the opportunities available to the company, identify means for dealing with these threats and opportunities and to provide direction and support on a continuing basis in order to accomplish its strategic management objectives (Tyndall, Cameron & Taggart, 1990).

Strategic management process comprises of some components which are interactive and ongoing and one component leads to another. In the process of strategic management, an organization focuses on clear definition of the mission, goals and objectives of the organization. The company mission directs the personnel of a company and constantly reminds them of the company aims to achieve both in the short run and long run. It keeps the employees in the right track which directs their involvements towards achieving the set goals and objectives. Second, it comprises the environmental scanning, which entails succinctly looking at the business surroundings and identify its possible threats and opportunities available to it and taking the necessary steps to exploit these opportunities in presence of the threats. The internal environment is also scanned for the strengths and weaknesses. Thirdly developments of...