Explain the process Of Strategic Management
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In the world of business, strategic management is one of the most important tasks that companies have to accomplish. It includes planning for future actions, ensuring that those plans are executed efficiently, and then assessing the success or failure of those plans.
In order to do this, the company must figure out who their target audience is and what they want from them. Next, they need to create a range of strategies that will best suit their customers’ needs and improve their overall service quality. They may also use these strategies to market themselves so as to increase brand awareness among consumers in general.
Strategic management can really seem complex at first glance but it is actually quite simple if you break it down into smaller parts and focus on each individual part individually before you move onto the next one.
The process of strategic management is divided up into four stages: strategy formulation, implementation, monitoring and control, and turn-around.
1. Strategy formulation
A company’s strategy consists of a set of policies and procedures that the company will use to attempt to achieve its goal. The company will formulate its strategy by analyzing its current situation, future trends, competitors’ strategies, and its industry’s environment.
2. Implementation
In the implementation stage of strategic management, the organization and its leader attempt to realize the vision created in the strategy. This stage is also known as implementation or achieving realization.
3. Monitoring
Monitoring is a part of Strategic Management that provides a 360-degree view of the company to help make informed decisions. The monitoring process is also crucial for initiating, implementing and evaluating strategic initiatives.
4. Turn-around
Turn-around is a final stage in Strategic Management. It involves the management of a company’s operations and resources in order to improve the performance of an organization. Turn-around often begins with a strategic change of focus which can be achieved through mergers, acquisitions, divestments & more.