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Strategic Management Process Below I will describe what the purpose of strategic planning or management is and why it is so important to have a strategic management process within the organization. I will also take a look at Johnson & Johnson and describe their strategic management process. According to Hunger and Wheelen strategic management is “a set of managerial decisions and actions that determines the long-run performance of a corporation” (Hunger, D.J. & Wheelen T.L, 2010, p. 5). This process includes checking for internal and external drivers, long range planning, implementation, and evaluating how the plan is working (Hunger, D.J. & Wheelen T.L., 2010). Every possible route and influence must be looked at when developing the plan. The strategic management process has four phases. First there must be financial planning. No matter what the strategic plan is, there must be money allocated in the budget. Secondly, long-range plans are developed usually on a five or three year term. Thirdly, after the internal drivers are thoroughly examined the external drivers must be scanned. Some of those drivers could be the economy and competitors. Finally the last phase is the strategic management, which incorporates input from lower level management. (Hunger, D.J. & Wheelen T.L., 2010). The strategic management process is important because it enables organizations to plan for the future. Any company can handle short-term changes, but those that plan in the long term will be more successful (Hunger, D.J. & Wheelen, T.L., 2010). Strategic planning makes an organization stay aware of the ever-changing environment and adapt to changes. Changes within an organization are not always accepted well, but if it is constant and proves to benefit, personnel will be more willing to change

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