Mgmt 498 Week 4

In: Business and Management

Submitted By mdemoss
Words 563
Pages 3
Strategic Management Process Paper
Misty DeMoss
MGMT 498
September 24, 2013
Dennis Hoerr

Strategic Management Process Paper Strategic management is an essential process for managerial decision making. This process helps a company determine what planning and implementing actions that may determine a company’s long-term performance. The basic model for strategic planning consists of the four basic elements: Environmental scanning, strategy formulation, strategy implementation, and evaluation and control. By companies conducting internal and external scanning of the environment they are able to make better observations of what the company actually needs to implement. This paper will describe the primary components of a strategic management process, indicate why a strategic management process is needed, and describe the process Ford Motor company uses. Primary Components of Strategic Management Every company requires managers to plan accordingly for the yearly budget. This yearly budget is a time consuming stage and uses minimal analysis and small amounts of environmental information. Forecast based planning is used in this eight stage model process: (1) establishing the mission; (2) setting objectives; (3) environmental scanning; (4) identify internal SWOT; (5) formulating alternate strategies; (6) strategy selection; (7) strategy implementation; (8) controlling the strategy to ensure success. The current model of strategic management process includes a four phase process. The four phases are: Phase One – Basis financial planning; Phase Two – Forecast – based planning; Phase Three – Externally oriented (strategic) planning; Phase Four – Strategic management. All of these characteristics are relatable to the concept of strategic management, which emphasizes “the monitoring and evaluating of external opportunities and threats in light of a…...

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