MGT 498 Week 1 Individual Assignment Strategic Management Process Paper - Copy
MGT 498 Week 1 Individual Assignment Strategic Management Process Paper - Copy MKT421
Popular in Department
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.
Reviews for MGT 498 Week 1 Individual Assignment Strategic Management Process Paper - Copy
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
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 from http://ivythesis.typepad.com/term_paper_topics/2009/02/mcdonaldsstrategic businessanalysis.html STRATEGIC MANAGEMENT PROCESS 6 PAPER Appendix A 9Step Strategic Management Process STRATEGIC MANAGEMENT PROCESS 7 PAPER
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'