Ashley Johnson
Strategic Management
05/09/2013

Key Concepts For Strategic Management

Strategic Management is the process in which an organization develops and implements plans that espouse the goals and objectives of that organization. The process of strategic management is a continous one that changes as the organizatinal goals and objectives evolve. Several key concepts characterize strategic management and the development of organizational goals. At the core of strategic management process is the creation of goals, a mission statement, values, and organizational objectives. The creation of these guides the organization in its pursuit of strategic opportunities. Through goal setting, organizations plan how to compete in an increasingly competitive and global business arena. The next key concept is Analysis strategy formation. Analysis of an organization's strengths and weaknesses is a key concept of strategic management. Other than the internal analysis, an organization also undertakes an external analysis of factors such as emerging technology and new competition. Through internal and external analysis, the organization creates goals and objectives that will turn their weaknesses into strengths. The analysis also facilitates in strategizing ways of adapting to changing technology and emerging markets. The third concept is strategy formation. Strategy formation is a concept that entails developing specific actions that will enable an organization to meet its goals. This section entails using the information from the analyses, prioritizing and making decisions on how to address key issues facing the organization. Additionally, through using this concept an organization seels to find ways of maximizing profibility and maintaining a competitive advantage. The fourth concept is called strategy implementation. Strategy implementation is putting the actual