Primary Components Of A Strategic Management Process

954 WordsMay 13, 20154 Pages
The ongoing question is the business world that has no definite answered is how does a company become successful and stay successful? Some believe a company cannot become successful and stay successful by playing it safe and following traditional ways of doing business! In today’s business environment companies have to be willing to take. The risk starts with having a strategic plan for the company with a mission and vision statement. Studies have been completed through the years that conclude firms with lucid, coherent, and meaningful mission and vision statements provide shareholders more than double their return on investments (RIC) as compared to the firms that do not have mission and vision statements ("Management Study Guide", 2015). The mission and vision statement is part of Strategic Management process for a company. This paper will discuss some of the primary components of a strategic management process, while also explain why the process is crucial for a company success. This paper in addition will evaluate one organization that uses the strategic management process to accomplish their short-term, long-term goals, and objectives of the firm’s (University of Phoenix. (2015). The primary components of a strategic management process and need for company The word strategy” is derivative of the Greek word stratçgos; stratus (meaning army) and “ago” (meaning leading/moving). A strategy is an action that a person can take to attain one or more of their goals. A company
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