...Strategic Management Process MGT/498 Abstract The primary components of the strategic management process are strategic planning and strategic execution. The strategic management process is an important factor to the success of an organization. Components to consider are the planning and execution of the strategy. Wal-Mart is trying to increase their sales by reinventing how they do business and building on the Internet side of the business. Strategic Management Process Organizations begin because someone had an idea and wanted to share it with the world. However, an organization cannot be successful based on the ideal alone. Some planning must take place to establish the internal and external components of the organization. In other words, policies on how the company will operate, procedures on how the product is developed, and how to reach the customer base is imperative prior to starting a business. This is when strategic management is most effective. According to Wheelen and Hunger (2008), strategic management is “a set of managerial decisions and actions that determines the long-run performance of a corporation” (p.5). The purpose of the paper is to explain the primary components of a strategic management process, indicate why a strategic management process is needed, and examine a strategic management process of Wal-Mart. Primary components of strategic management Strategic planning and strategic execution are the primary components of strategic management...
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...question(s) in strategy is (are) A) Is strategy important? B) Why do firms succeed or fail? C) Why do firms have varying levels of performance? D) Is strategy important? and Why do firms have varying levels of performance? E) Why do firms succeed or fail? and Why do firms have varying levels of performance? Answer: E Diff: 2 Page Ref: 2 Topic: Explain Why Strategic Management Is Important AACSB: Reflective Thinking Objective: Define strategic management and identify its basic components 2) Bases for understanding strategic management are all of the following except A) managing strategically makes a difference in an organization's performance. B) all organizations encounter changing situations. C) single approaches to strategy development are superior to multiple approaches. D) All of the answer choices are correct. E) None of the answer choices is correct. Answer: C Diff: 3 Page Ref: 3 Topic: Explain Why Strategic Management Is Important AACSB: Analytical Skills Objective: Define strategic management and identify its basic components 3) Strategic management is defined as A) those decisions and actions where organizational members analyze the current situation and develop appropriate strategies. B) putting those strategies into action. C) evaluating and changing those strategies as needed. D) developing appropriate strategies. E) All of the answer choices are correct. Answer: E Diff: 2 Page Ref: 5...
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...Strategic Management Process Paper 1 Strategic Management Process Paper Jeff Street University of Phoenix February 6, 2012 Richard Jaussi Strategic Management Process Paper 2 The primary components of a strategic management process vary in terminology; however, to effectively implement any strategy, the core components must be sufficiently considered. In basic corporate terms, strategy is defined as the plan that the organization develops to accomplish its primary long-term goals and objectives. These goals and objectives are critical to ensure continual business success and meet expectations of all stakeholders. In terms of the shareholders this means assuring their investment returns positive dividends. So, a critical component to a strategic plan is to gain a competitive advantage over a continuously environment. As is normally the case with any plan in order for it to be executed successfully it needs to be planned and managed efficiently. There must be a strategic management process operated by the organization that consists of three primary elements—strategic position, choices and setting the strategy into motion. STRATEGIC POSITION In order for strategic management to function correctly the organization must be aware of its current or strategic position and what elements potentially could affect the position. External forces must be considered appropriately and integrated in to the strategic plan....
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...The primary components of a strategic management process vary in terminology; however, to effectively implement any strategy, the core components must be sufficiently considered. In basic corporate terms, strategy is defined as the plan that the organization develops to accomplish its primary long-term goals and objectives. These goals and objectives are critical to ensure continual business success and meet expectations of all stakeholders. In terms of the shareholders this means assuring their investment returns positive dividends. So, a critical component to a strategic plan is to gain a competitive advantage over a continuously environment. As is normally the case with any plan in order for it to be executed successfully it needs to be planned and managed efficiently. There must be a strategic management process operated by the organization that consists of three primary elements—strategic position, choices and setting the strategy into motion. STRATEGIC POSITION In order for strategic management to function correctly the organization must be aware of its current or strategic position and what elements potentially could affect the position. External forces must be considered appropriately and integrated in to the strategic plan. The forces usually vary over many issues and understanding them and how they will affect the business is essential to enabling management to select the opportunities and threats to its strategic plan. Strategic Management Process Paper 3 An example...
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...Strategic Management Process Paper MGT/498 Strategic Management In our today’s business environment, strategy is a very important factor and in order to manage it well a strategic management process is needed and used by many organizations especially large ones. There are primary components that will ensure the life of the organization. Wal-Mart is a great example because of the fact that it is a successful company, the strategic management process that they use obviously works in many cases. Primary Components There are four primary components when it comes to strategic management process. These are Environmental Scanning, Strategy Formulation, Implementation and Evaluation. Environmental Scanning will help analyze the external and internal factors that can influence the organization. Strategy Formulation process will make sure that the best course of action is decided so that accomplishing organizational objectives can be possible. Strategy Implementation will make sure that the organization’s chosen strategy will be put into action. Strategy Evaluation will make sure that the strategy as well as the implementation will definitely meet most of the objectives of the organization (Strategic Management Process - Meaning, Steps and Components, 2012). A strategic management process is needed for an organization so that there will be a direction and it can also be a guide to employees. Setting up measurable goals and when it is possible to achieve...
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...Strategic Management Process Paper Strategic management process is used by companies in order to define the strategies the company uses to achieve success. The process encompasses four components which are carried out in steps and, will be defined. This paper will also include the reasons why these processes are used in a business. A company by the name of Publix Supermarkets will be researched, along with the process the company uses. Strategic management is an ongoing process, and each of these processes coincides with one another. Primary Components of a Strategic Management Process The four components of the strategic management process are environmental scanning, strategy formulation, strategy implantation, and strategy evaluation. These steps are carried out in order, and begin the process of creating a strategic management plan ("Strategic Management Process-Meaning, Steps, And Components", 2013). Again, strategic management plans are ongoing and evaluate the company’s position in their field, along with their competitors. After the evaluation, the plan aims to realign the goals of the company for present and future goals ("Strategic Management Process-Meaning, Steps, And Components", 2013). Publix Supermarket Publix Supermarkets has their own department to handle the company’s strategies. According to "Strategy Support" (2014), “Together we're improving existing processes, developing new strategies, and making plans to grow our company.” The company states...
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...Strategic Management Process Strategic management is defined as “a set of managerial decisions and actions that determines the long-run performance of a corporation” (Wheelen & Hunger, 2010, p. 5). Strategic management helps companies gain a comparative advantage over the competition. As competition increases from global expansion, companies are more interested in strategic management to remain competitive. The following paper will discuss the components of strategic management, and how Central Transport uses strategic management to remain viable in a volatile business market. Strategic Management Components Strategic management consists of four components. These components include environmental scanning, strategy formulation, strategy implementation, and evaluation and control (Wheelen & Hunger, 2010). Environmental Scanning Environmental scanning is “monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation” (Wheelen & Hunger, 2010, p. 16). This component is used to identify factors that will determine the corporation’s future (Wheelen & Hunger, 2010). SWOT analysis is the most common way firms identify strategic factors (Wheelen & Hunger, 2010). Strategy Formulation The second component of strategic management is strategy formulation. Strategy formulation is “the development of long-range plans for the effective management of environmental opportunities and threats...
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...Strategic Management Process Audree Luevano MGT/498 Strategic Management October 31, 2013 Mario Ducret Strategic Management Process The strategic management process is a valuable process to any organization wanting to remain competitive, profitable, and remain in business. General Motors is such an organization that has used the strategic management process to turn itself around from failing in the automobile industry to being back on top of its game. Primary Components The primary four components of strategic management process are environmental scanning or analysis, strategy formulation, strategy formulation, strategy implementation, and evaluation and control. According to Wheelen and Hunger (2010), “Strategic management is a set of managerial decisions and actions that determines the long-run performance of a corporation” (p. 5). The first component of environmental scanning or analysis which simply put is looking at the organization as a whole and identifying what the organizations strategic factors are both in externally and internally. The best way to do this is a SWOT analysis. The SWOT analysis will identify the opportunities and threats that are external to an organization and in addition will identify the strengths and weaknesses that are internal to an organization. After identifying the organizations strengths, weaknesses, opportunities, and threats, the next component in the strategic management, the strategy...
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...INTRODUCTION TO STRATEGIC MANAGENT 1.0 Introduction This chapter introduces the concept of strategic management and provides an overview of strategic management. This chapter is divided into six sections. The first section explains the evolution of the strategic management concept. This is followed by the second section on definition of strategic management. The third section describes the context in which strategic management takes place. This is followed by the fourth section which covers the scope of strategic management. The fifth section shows some of the benefits of strategic management for organizations. Finally the sixth section describes the process of strategic management. Upon the completion of this chapter you should be able to: 1. understand the concept of strategic management 2. know the brief history of the strategic management concept 3. understand the definition of strategic management 4. know the context in which strategic management occurs 5. comprehend the scope of strategic management 6. describe the benefit of strategic management 7. know the strategic management process 1.1 Introduction to the Strategic Management Concept Strategic management is a concept that originated from the military field. The concept of strategic management was first applied in ancient battles. The period around 500 B.C. saw numerous battles that took place Greece and China. The early written record on strategic management can be traced back during this warring...
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...Strategic Management Process Paper Nicole Graziano MGT/498 November 11, 2013 Amy Novoa Strategic Management Process * In an attempt to improve an organizations management plan and define strategies, often companies will develop a strategic management plan. This plan includes four basic steps, for a continuous process that will evaluate the business in its own industry against its competitors, and will challenge goals to meet the needs of the mission and vision while raising one up to the competitor. Starbucks has developed a very successful strategic planning process. The strategic management process that Starbucks uses will be described in this paper. * * Primary Components of a Strategic Management Process * According to Thomas Wheelan (2010) the four basic elements or the primary components of a strategic management process are “environmental scanning, strategy formulation, strategy implementation, and evaluation and control” (pg.14). * A strategic management process is needed for a company to succeed and achieve a better performance over the competitor. According to Kevin Blankinship, the idea and line behind strategic management is goal setting – to “combine purposeful planning with meaningful action” (Blankinship, 2013). * The first step in the planning process is to define the goals of the company. Performing a SWOT analysis is the best way to prepare for potential changes in a company. Then the leaders will need to come up with...
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...Strategic Management Process Paper Kirk B. Carlson MGT/448 August 17, 2011 Craig Clark Strategic Management Process Paper In order for an organization to achieve its long term objectives and goals the organization needs a strategic plan. The objectives and goals of the strategic plan are to become successful in business. The organization needs to evaluate the expectations and demands of the stakeholders when constructing a strategic plan. The author of this paper will discuss the components of the strategic management process and define the strategic management process of an existing organization. Components of Strategic Management Actions and managerial decisions that determine the long run performance of a corporation is called strategic management (Wheelen and Hunger. 2010). In order for an organization to develop an effective strategic management process the organization must first identify the organization’s mission, objectives, strategies, and policies. The mission of an organization is its reason for existence. The objectives are the planned results of the organization and when those results will be achieved. The strategies of the organization are the steps needed to accomplish the mission and objectives. The policies are the fundamental and ethical guidelines for making a decision on behalf of the organization. Reasons for Strategic Management Strategic management has been embraced by successful firms and has been accredited to the...
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...IBIMA Publishing Journal of Human Resources Management Research http://www.ibimapublishing.com/journals/JHRMR/jhrmr.html Vol. 2011 (2011), Article ID 598896, 20 pages DOI: 10.5171/2011.598896 The Adoption of Strategic Human Resource Management Practices in Commercial Banks: The Process and Challenges in Kenya George O. Omondi1, Peterson Obara Magutu2, Cliff Ouko Onsongo3 and Linda A. Abong’o4 1 Department of Business Administration, School of Business, University of Nairobi, Nairobi - Kenya 2 Department of Management Science, University of Nairobi, Nairobi - Kenya 3 School of Business, Jomo Kenyatta University of Science and Technology, Nairobi - Kenya 4 Central Bank of Kenya, Nairobi - Kenya ______________________________________________________________________________________________________________ Abstract Developing an effective human resource system that is compatible with organizational strategy is critical for the functioning and success of an organization in the competitive business arena. The main objectives of the study were to establish the extent of adoption of strategic human resource management practices among commercial banks in Kenya; and to determine the factors that influence adoption of strategic human resource management practices by commercial banks in Kenya. The research questions were systematically generated from the objectives. In the data analysis, descriptive statistics and factor analysis were used to help draw comparisons and...
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...Strategic Management Process MGT 498 Strategic Management Process The strategic management process is how a company defines its organizational strategy. It is how managers make a choice of a set of strategies that will enable the company achieve optimal performance in a continuously changing environment. It is a continual process by which a company establishes its objectives, formulates strategies enabling it to meet those objectives in a desirable amount of time, implementation of those strategies, and assesses the progress and results. The primary components of strategic management are: environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Environmental scanning is the process of collecting, analyzing, and providing information for strategic purposes. It allows the company to assess its current situation in the market. This is accomplished through a SWOT (strengths, weaknesses, opportunities, and threats) analysis. The SWOT analysis describes the company’s particular strengths, weaknesses, opportunities, and threats, which are important strategic factors for a specific company in a certain market. After the analysis complete, managers formulate a company strategy, known as strategic formulation. This strategy is used to decide which is the best course of actions (long range plans) a company should take for the effective management of the company’s threats and opportunities. In addition, it allows the company...
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...Strategic component answers the question "why do security enterprise problems exist?" This question of security leads to developing security policies that deal with people issues, and evaluates internal/external risks. Organizations are urging top executives to make information security a priority. Therefore, quality and trustworthiness of information are becoming key business issues (Ezingeard et al, 2005). To better accomplish information security in an organization, a management level infrastructure approach is needed. Just as information and data characteristics are different at the different levels of management, information security has different characteristics at the different levels of management. These levels of management are strategic, tactical, and operational. At the operations level, transaction data is produced and serves as input to create information. Maintaining and monitoring of integrity, confidentiality, and availability of the transaction data are primary objectives which are supported by organizational procedures and guidelines. At the tactical level, information is interpreted and utilized in decision making. Implementations of preventative, detective, and responsive controls are a primary objective which is supported by organizational standards. Further analysis/aggregation of the information creates knowledge to help make strategic level decisions Information security policy provides a framework to ensure that systems are developed and operated in...
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...Global Technology Audit Guide Auditing IT Governance Global Technology Audit Guide (GTAG®) 17 Auditing IT Governance July 2012 GTAG — Table of Contents Executive Summary......................................................................................................................................... 1 1. Introduction................................................................................................................................................ 2 2. IT Governance Risks................................................................................................................................... 7 3. Aligning the Organization and IT — Key Considerations................................................................ 12 4. The Role of Internal Audit in IT Governance............................................................................ 15 Conclusion....................................................................................................................................................... 18 Authors and Reviewers.............................................................................................................................. 18 Appendix — IT Governance Risk Assessment/Engagement Planning Considerations............................................. 19 iv GTAG — Executive Summary Executive Summary To support the heightened importance of IT governance and the mandatory nature of the International Standards for the Professional...
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