MGT 498 Week 1 - Individual Paper - Strategic Management Process Paper
MGT 498 Week 1 - Individual Paper - Strategic Management Process Paper MKT421
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Date Created: 11/13/15
RUNNING HEAD STRATEGIC MANAGEMENT PROCESS PAPER MGT 498 Strategic Management Week 1 University of Phoenix Name Teacher Date RUNNING HEAD STRATEGIC MANAGEMENT PROCESS PAPER The strategic management process is the definition of the company s strategy In today s competitive world it is virtually impossible for a company to be successful and thriving without a strategic plan The strategic management process has four main components Environmental Scanning The environmental scanning phase of the strategic management process is scanning the business environment both internal and external All the internal and external factors affecting the business are analyzed Many tests and studies such as SWOTT analyses can be used for environmental scanning Environmental scanning isn t a one time phase competitive analysis should a phase that is periodically done and updated Strategy Formulation After the environmental scanning the next phase is to create the corporate business and functional strategies The strategy formulation stage involves using the competitive intelligence gained to create a strategy that cares of all the weaknesses keepsenhances the strengths deals with threats and takes advantage of opportunities The strategic plan is then constantly updated and implemented as the business environment is constantly scanned Strategy Implementation This phase is simple in this phase the strategy is implemented in the company s action plan In this phase the human resources capital and time is allocated to run this new strategy The organizational structure culture and control and internal control systems are use to run the strategies The organizational structure assigns each employee the roles and tasks to perform so the quality efficiency and customersatisfaction are maximized The organizational control allows for the motivation and incentives for the employees and the organizational culture is the norms values and attitudes of the employees in the organization The strategic implementation process in a nutshell focuses on the distribution of resources incentive and reward systems links to triumphs strategy encouraging policies and strategic governance Strategy Evaluation This stage is all about understanding the strategy implementation and assessing it The organizational structure control and culture are analyzed for their competence and efficiency This stage gives a good idea about how successful the strategy was and if the previous phases were performed effectively The strategy is evaluated by fixed standards for implementation analysis of variance not ANOVA and understanding the issues so they can be corrected in future strategic management processes Use of strategic management The strategy created and implemented by the company is important to its success A strategy is a catalyst that further strengthens the company and drives the company faster to its goals Nowadays it is impossible to compete and survive in a market without a strategy Without a business strategy the competition can sweep the business out of the market Going into the business market without a strategy is like attempting to write a RUNNING HEAD STRATEGIC MANAGEMENT PROCESS PAPER paper on the spot without a plan The strategy allows a business to attack its problems in a smart and competitive manner and keep up its competitive image Real Life Company s Strategic Management Process An example of a real company that exhibits a strategic management process is WalMart WalMart is known to a have a revolutionary logistics system and a fierce competition campaign to ward off competitors WalMart wasn t always the corporate powerhouse it is today WalMart at a time earlier was very behind in the competition and in the market However WalMart used the competitive management process to create a revolutionary strategic management plan WalMart conducts a competitive intelligence analysis a PESTLE and SWOTT analysis and the Porter s Five Forces analysis After this WalMart creates a complicated and advanced strategic management plan incorporating a heavy marketing plan and excellent logistics to propel the company forward Along with this WalMart runs a fearful pricing strategy plan In effect the implementation of this strategy boosts WalMart to becoming the most feared retailor store According to Art Turock if Wal Mart goes into a new retail market the existing retailor there will expect to lose 2030 percent of loss in business 2011 Thus WalMart s competitive management plan was very effective and has done a good job in the competitive world RUNNING HEAD STRATEGIC MANAGEMENT PROCESS PAPER References T Art 2011 October 25 Strategicreportonwamart Retrieved from httpwwwturockcomStrategicReportOnWaMarthtm
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