Strategic Management Process in an Organization

In this assignment we will discuss about strategic management and below are the summaries point:- The strategic management process involves five steps: goal setting, analysis, strategy formulation, implementation, and strategy evaluation. The mission statement explains the overall purpose of the company, while the vision statement explains where the company wants to be in the future. Companies should maintain their original mission and vision statement but periodically update them to align with their current goals and objectives.

Strategic Management

STRATEGIC MANAGEMENT 1
Question 1: Describe the strategic management process, and include how it is used by
organizations
Strategic Management Process
The process contains the five steps in which the organisation develop its strategies to achieve
the objective and these are as follows:
Goal Setting
The company set the goal before developing the strategies.
Analysis
The company analyse the market environment with the help of different tools such as SWOT
and PESTLE.
Strategy Formulation
After analysis, the companies move to strategies where it develops the plan to achieve the
objective.
Implementation
After developing strategies, the companies implement the strategies at the workplace.
Strategy Evaluation
It is the last step in which the company evaluate its strategy in terms of its success (Doz,
2017).

STRATEGIC MANAGEMENT 2
Question 2: Distinguish between the concepts of mission and vision. Provide examples in
your explanation
Mission and Vision
Mission statement states the overall purpose of the company what to do, how to do
and the others. For example- Retailing Company provides the quality of services in order to
attain the large market.
Vision statement is a stage where the company can reach by following the mission.
For example- The Company wants to be the world largest company in the retail industry.
Both the statement is prepared by the company for the common goal.

STRATEGIC MANAGEMENT 3
Question3: Do you feel an organization should maintain their original mission and vision
statement(s), or do you feel these statements should be periodically updated? Please explain
your answer
Yes, I think the companies maintain their mission and vision statement in order to achieve the
objective. The company periodically updated their statement as per their target. The company
will prepare their statement as per the purpose and the objective. One the objective is
achieved the company change their mission and vision statement. The companies updated
their statement periodically in order to achieve the objective.

STRATEGIC MANAGEMENT 4
Question 4: Colleges and universities, like all business, have strengths, weaknesses, and
competitors. What would you consider to be an online university’s internal strengths and
weaknesses? Why? Also, who would you say are the competitors to online universities? What
are three external opportunities and three external threats?
Strength and Weaknesses
Strength Weaknesses
Online Learning Resources- Online pdf in the
return of books
Cover Far Distances- It can be open
anywhere anytime with the login id.
Low Cost-
The company has low cost which attracts the
large number of consumers towards the
services (JCCC, 2018).
Academic Counselling- do not provide face
to face counselling
Communication Gap- due to online
communication
Loss of employees- The company has the
high level of threat of losing the employee
Competitors of Online Universities
Online Websites, YouTube are the competitors of online universities.
External Analysis
Threat
The company has a high level of threat of losing the staff due to the better opportunities at the
other universities.

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The company has a threat of reducing the funding from the different educational departments.
The online universities have a threat of growing competition from the public universities and
small privates.
Opportunity
The Online Universities provide the services to the student from anywhere and anytime. It is
an opportunity for the company to expand the business at the international level.
The company also has the opportunity to more conversation and partnership with the local
employers.
It also has the opportunity to become a leader in interdisciplinary and integrated learning.

STRATEGIC MANAGEMENT 6
Question 5: In businesses you may need to adapt to changing times in order to stay
competitive. Their initial practices may have worked well previously, but may not serve them
well in the long term. The newspaper industry is one that may face extinction. Explain why
they may need to rethink their business strategy, and provide some advice on possible
strategic management changes. Be specific to include goals/objects, strengths, and
weaknesses.
Rethink the Business Strategy
Increasing Competition
Nowadays, there are many websites and online applications are developed with the
increasing competition. Increasing competition is a threat for the company that is why the
industry has to develop the new strategies (Ethiraj, Gambardella, & Helfat, 2016).
Changing Consumer Behaviour
The behaviour of the consumer is changing and their demand for the services is also
changing. It increases the threat for the company in order to losing the consumers. It is
necessary for the industry to adopt the diversification strategy to provide the different
services to the consumers (The Star, 2015). The company attain the large number of customer
by providing the different services to the consumer and overtake the competitors.
Strategic Management Changes
Growth Strategy
The newspaper industry provides the information to the consumer related to the
country and states. The company can adopt the growth strategy by providing the information
related to every field of world such as film industry, and government of the other countries.

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Acquisition Strategy
The newspaper industry has to adopt the acquisition strategy in order to attain the high
market share of the consumers. The company has the opportunity to acquire the other
company and their resources. It is an appropriate strategy for the company to attain the high
market share in the newspaper industry. It is also beneficial for the industry in order to beat
the online news applications, and websites (Lasserre, 2017).

STRATEGIC MANAGEMENT 8
References
Doz, Y.L. (2017). Strategic management in multinational companies. In International
Business. Routledge, 229-248.
Ethiraj, S. K., Gambardella, A., & Helfat, C. E. (2016). Replication in strategic management.
Strategic Management Journal, 37(11), 2191-2192.
JCCC. (2018). Strengths, Weaknesses, Opportunities and Threats (SWOT). Retrieved from:
http://www.jccc.edu/about/leadership-governance/administration/president/strategic-
planning/swot.html
Lasserre, P. (2017). Global strategic management. Macmillan International Higher
Education.
The Star. (2015) Newspaper industry needs new strategies. Retrieved from:
https://www.thestar.com.my/business/business-news/2015/11/11/newspaper-industry-
needs-new-strategies/