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MGT 498 Week 1 Individual Assignment Strategic Management Process Paper - Copy

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MGT 498 Week 1 Individual Assignment Strategic Management Process Paper - Copy MKT421

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MGT 498 Week 1 Individual Assignment Strategic Management Process Paper - Copy
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This 7 page Study Guide was uploaded by NUMBER1TUTOR Notetaker on Friday November 13, 2015. The Study Guide belongs to MKT421 at Phoenix College taught by in Fall 2015. Since its upload, it has received 26 views.

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Date Created: 11/13/15
Running head: STRATEGIC MANAGEMENT PROCESS PAPER  1 Strategic Management Process Paper MGT 498 University of Phoenix STRATEGIC MANAGEMENT PROCESS   2 PAPER Strategic Management Process Paper Abstract Strategic management serves a crucial role in today’s business environment. Consequently,  organizations are instantly constrained to formulate strategic practices of environmental scanning,  assessment of strengths and weaknesses, and the ability to identify resourceful means of acquiring a  competitive niche. The McDonald’s corporation is regarded as one of the leading organizations within the global marketplace. As a result, the preceding discussion will analyze the organization’s strategic  management process and the benefits of having an effective strategic management process Irrespective of the products or services an organization offers, the importance of strategic  planning in today’s business environment is crucial. Organizations are suddenly required to  establish systematic ways of studying the environment, assessing their strengths and weaknesses, and identifying areas of opportunities to extend their competitive advantage. As Hill and Jones  (2008) points out, an organization’s strategic management process approach can be defined as  the steps it takes to ensure that the reduction of value creation costs and value creation  performance are formulated in ways that consumers are willing to pay more for the product than  it costs to produce it.   The strategic management process is a nine­step progression that encompasses the  identification of the organization’s current mission, objectives, and strategies, environmental  analysis, SWOT analysis, strategy formulation and implementation, and lastly, the evaluation of  results (Robbins & DeCenzo, 2005). This nine­step strategic management process can be seen in  Appendix A.  Once the organization’s objectives, strategies, mission, organizational, and environmental analysis – the company subsequently evaluates any information collected in terms of  STRATEGIC MANAGEMENT PROCESS   3 PAPER opportunities which can be utilized and any possible threats that lie ahead. In other words,  opportunities are positive external factors and threats are negative factors. Additionally, the  aforementioned step in the strategic management process prompts an organization to evaluate its  strengths and weaknesses by appraising its internal resources.  The identification of an organization’s strengths and weaknesses is a critical core element where strengths and weaknesses are influenced differently, as well as the firm’s competitive  advantage outcome on its strategy. The McDonald Corporation recognizes the significance of  comprehensive strategic management approaches and its central role in facilitating the  organization to sustain their competitive edge in the global marketplace (Thinking Made Easy,  2009).  The three core strategies McDonald’s have implemented to maintain their competitive  advantages are the value of its customer, customer suitability, and having optimal business  controls.  Together with technical strategies, McDonald’s can develop the latest ground­breaking ideas for the organization. McDonald’s franchises are described by many as mini facilities built  for manufacturing because they effectively and efficiently utilize varying marketing and  management approaches in their overall operations (Thinking Made Easy, 2009).  Moreover, McDonald’s improvement and functionality of their franchises have sustained  their competitive niche by keeping up­to­date with our new socially and technologically savvy  culture of consumers, combined with convenience and customer satisfaction. One of the essential aspects of this movement towards functionality is the inclusion of Wi­Fi capabilities in their  franchises. As a result, this has become one of the highest sought­out services for their  customers. Additionally, the McDonald Corporation is unlike any other fast­food franchise in  STRATEGIC MANAGEMENT PROCESS   4 PAPER that they effective utilize technology in combination with efficient real­time communication  means by allowing employees to immediately regulate menu prices and items in response to the  constantly varying requests of customers and their competitive market (Thinking Made Easy,  2009).  STRATEGIC MANAGEMENT PROCESS   5 PAPER References Hill, C. W., & Jones, G. R. (2008). Strategic Management. An Integrated Approach (8th ed.).  Boston, MA: Houghton Mifflin Company. Robbins, S. P., & DeCenzo, D. A. (2005). Fundamentals of Management: Essential Concepts  and Applications (5th ed.). Upper Saddle River, NJ: Pearson­Hall. Thinking Made Easy. (2009, February 9). McDonald’s Strategic Business Analysis. Retrieved  from­strategic­ business­analysis.html STRATEGIC MANAGEMENT PROCESS   6 PAPER Appendix A 9­Step Strategic Management Process  STRATEGIC MANAGEMENT PROCESS   7 PAPER


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