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Mgt/498 Strategic Management

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Strategic Management Process Paper
Miguel Valdez
MGT/498
August 17, 2015
Paul Kramer
Strategic Management Process Paper
Describe the primary components of a strategic management process, and indicate why a strategic management process is needed for a company. Strategic Management is a set of managerial decisions and actions that determines the long-run performance of a corporation. It includes environmental scanning, strategy formulation, strategy implementation, and evaluation and control. The study of strategic management, therefore, emphasizes the monitoring and evaluating of external opportunities and threats in light of a corporation’s strengths and weaknesses. Environmental scanning is the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation. Its purpose is to identify strategic factors those external and internal elements that will determine the future of the corporation. The simplest way to conduct environmental scanning is through SWOT analysis. Which, SWOT is an acronym used to describe the Strengths, Weaknesses, Opportunities, and Threats, that are strategic factors for a specific company. The external environment consists of variables that are outside the organization and not typically within the short-run control of top management. These variables form the context within which the corporation exists. However, the internal environment of a corporation consists of variables that are within the organization itself and are not usually within the short-run control of top management. These variables form the context in which work is done. They include the corporation’s structure, culture, and resources. Which, the key strengths form a set of core competencies that the corporation can use to gain competitive advantage. Strategy formulation is the...

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