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Strategic Management Process - Doc

   

Added on  2020-04-15

10 Pages2395 Words63 Views
Business DevelopmentLeadership ManagementMarketing
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Running head: Strategic management Strategic management
Strategic Management Process - Doc_1

Strategic management Table of ContentsIntroduction.................................................................................................................................................4Strategic management process.....................................................................................................................4Organizational vision, mission and goals.....................................................................................................5How the value chain is used to maximize the organizational performance................................................5Generic strategies........................................................................................................................................6Related and unrelated diversification..........................................................................................................7Advantages and disadvantages of competing in international markets......................................................7Conclusion...................................................................................................................................................8References...................................................................................................................................................92
Strategic Management Process - Doc_2

Strategic management Introduction The report talks about the strategic management process and generic strategies. Itexplains the goals, mission, and vision of the firm. In addition, it describes that how the companyis using diversification strategy to beat the competitors globally. Strategic management process Strategic management may be defined as a process of formulation and implementation ofmajor goals and objectives within the organization. These goals and objectives are decided bythe top management of the company. Strategic management provides rights direction to theorganization in order to meet the long-term mission and vision of the company. There are foursteps involved in the strategic management process which has been discussed below (López-Nicolás and Meroño-Cerdán, 2011). Environmental scanning: The Company gathers various types of information to accomplish thegoals and objectives of the firm. Thus, environmental scanning is conducted by the company. It also helps to evaluate and analyze the macro-environmental factors in the global market. Strategy formulation: It is the process of deciding the best course of actions to determine the long-term success and growth of the company. After conducting environmental scanning, the company formulates various policies and strategies within the organization. Strategy implementation: After formulating the policies and strategies, the company needs to execute these strategies and policies in the global market. Strategy implementation includes organizational structure, natural resources, and decision-making process. Strategy evaluation: It is the final step of the strategic management process. The company mustfocus on the external environmental factors to beat the competitors in the global market. The firm should also measure the performance of the employees. Now it is assumed that strategic management process is used by the many companies to maximize and increase the revenue and profit and to maintain sustainability within the organization (Wheelen and Hunger, 2011). 3
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