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Strategic Management Process Paper

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Strategic Management Process Paper
Strategic Management Process Paper
PRIMARY COMPONENTS
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. It includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control”.
Over time and many mistakes and hard times, organizations have refined strategic management to four phases:
Phase 1 – Basic financial planning:
An example of this phase is budgeting for the following year. In my opinion is the beginning and ending part of planning for the following year. Decide on the budget at the beginning and by the end of the year; check to see how well the company stuck to the budget.
Phase 2 – Forecast-based planning:
This phase I call the long term planning. As an example, the company I work for put in place a three-year roadmap.
Phase 3 – External oriented (strategic) planning:
This phase is where companies scan external factors such as competition, changing markets and how they plan on dealing with these factors
Phase 4 – Strategic management:
In this phase is where top management get the rest of the managers within the company have input on the strategic plans. This can be done thru workshops, workgroups and consultants. “Planning is typically interactive across levels and is no longer top down. People at all levels are now involved” (Wheelen & Hunger, 2010, ).
BENEFITS OF STRATEGIC MANAGEMENT
Strategic management process is needed for the long-term performance of a company. Companies such as eBay, Google and Apple as an example, are companies that have successfully outlasted competition and rough economic times. This success is greatly due to managing their long-term goals and vision and applying and

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