Question

Describe the strategic management process, and include how it is used by organizations.

Your response should be at least 75 words in length.

Answer 1

Meaning of Strategic Management :

The concept of Strategic management emphasizes on achieving better alignment of organizational policies and rules along with strategic prioritization. In other words, strategic management is the continuous process by which every departmental activity are collaborated together to achieve the entire organizational objectives.

Strategic Management Process:

1. Objective Setting - where both the long term and short term objectives are made along with the process of achieving it effectively and efficiently.

2. Analysis -A thorough analysis is made to develop a mission, vision, and identify various critical issues within an organization for which a good strategy is needed.

3. Strategy Formation: Various strategies should be formulated based on the corporate level, functional level, and competitive level matters.All the strategies that have been formed should solve all the critical issues of the firm.

4. Strategy Implementation:The proposed strategies should be implemented appropriately by developing respective programs that define how all the developed strategies shoul work on.

5.Strategy Evaluation and correction:The strategic evaluation analyses and monitors the already implemented strategies and would check whether all of them are able to achieve the organizational goals as planned.If there are any diversions detected, appropriate corrective actions are taken to improve the weak areas.

Usage of strategic management by the organizations:

There are many advantages by adopting the strategic management concept into organizations. They are as follows:

• To develop intelligent budgeting plans
• To reduce the chance of occurring various internal and external conflicts
• Empowers the organization's decision-making capacity
• To focus on every departmental process
• To increase the worth of organizations a competitive advantage

Hence the answer

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