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Strategic Management Process in an Organization

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Added on  2023-04-26

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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 Process in an Organization

   Added on 2023-04-26

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Strategic Management
Strategic Management Process in an Organization_1
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 Process in an Organization_2
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 Process in an Organization_3

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