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Individual Strategic Management Process Paper

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Individual Strategic Management Process Paper
All companies have the mission to be successful. Success will come if upper management and leaders have a strategic management process. A strategic management process is “defining the organization’s strategy. It is also defined as the process by which managers make a choice of a set of strategies for the organization that will enable it to achieve better performance.” (Strategic Management Process , n.d.)
The primary components of strategic management process are environmental scanning (gathering information), strategy formulation (developing long-range plans), strategy implementation (putting strategy into action), and evaluation and control (monitoring performance). (Thomas L. Wheelen, 2010). This process is needed so a company will know its goals, direction, and performance. It also helps to keep a company with or in front of the competition.
Netflix is a company that has a successful strategic management process. The company with low priced DVD rental has evolved to online streaming with millions of subscribers. Netflix has long-term goals that are realistic to the usage of the population. They are aware that online TV has grown a big amount of audience in the last years and that it will continue to grow. The company has plans, know who their competitors are, and who their consumers are. “People love TV shows & movies. We love being the best possible place to enjoy them. Ours is an amazing opportunity to grow, innovate and lead for several decades. We will face strong competition along the way, and we embrace the challenge.” (Netflix Long Term View, 2014). Companies need to be able to adapt to the constant changes of the market, having strategic management process will help the company adjust will to them. Having a strategic management process can help with a company’s durability to stay in business. Netflix had

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