Strategic_Management_Process

Strategic Management Process Paper Student MGT498 September 5th 2011 Instructor Strategic Management Process In this paper, the primary components of a strategic management process are the subject to discuss. Strategic management process is important for the success of any company; three major components required for the success of a company and its strategic management process, these components are Formulation, implementation, and evaluation Components of Strategic Management Formulation is the first and the most important component in strategic management process, organization Vision is to guide employees and stakeholder, followed with mission statement and objectives to achieve the goal of the organization. The main areas in formulating strategic plan are what the organization goal is, the recognition of threats and opportunities, and to establish direction and roadmaps for employees to follow. Implementation is implementing the organization vision and mission statements, communicating the strategic plan to employees and stakeholders, and putting the formulated strategic plan into work. The main areas in implementing the strategic plan are structuring the organization, budgeting production costs, motivating employees to perform better, providing quality workplace environment, communication, and feedback systems Evaluation is the organization strategic plan continues of evaluating, updating, and make changes. Evaluation is the moment of truth for the organization strategic management process to measure the success of the strategic plan. The main areas in evaluation the strategic plan are reviewing the process and initiate and necessary correction, review the mission and objectives to make any necessary adjustments as needed. Strategic management process needed for a company Company in need for strategic management process to become competitive and generate higher return than similar other competitions. Strategic management process play important role in company success by transforming company to higher efficiencies, which’s enable the company to become strategic competitive and generate higher return. These important achievements can be accomplished by guiding a company vision and mission strategies through unique strategy formulation. The company becomes competitive with higher return when the unique formulated strategy successfully implemented, and moved from plan on paper into actions. Evaluating and controlling the company strategy is the icing on the cake of the strategic management process, were components putting together and evaluated for adjust or revise, were strategic decision-making needed to accomplish objectives and achieve the company goals. Wal-Mart strategic management process Wal-Mart the local and global retail giant strategic management process focus on making the company unique organization surrounded by many similar organizations, market positioning the company as no one but Wal-Mart, and drive customers to buy its products. The strategic management as simple “Wal-Mart strives on three strategies consisting of Focus Strategy, the Differentiation Strategy and overall cost leadership. Managers strive hard to make their organizations unique, distinctive and identify key success factors that will drive the customers to buy their products” (Strategic Management). Reference Strategic Management: A Case study of Wal-Mart Inc. retrieved from http://gopal.articlesbase.com/strategic-planning-articles/strategic-management-a-case-study-of-walmart-inc-945260.html