Strategic Management

1910 Words Jun 27th, 2013 8 Pages
Nerissa Lee
Bus 105
Kimberly McDuffie
Strategic Management
May 9, 2013
Miller-Motte College Online

Strategic Management

I. Introduction: I choose this topic because Strategic Management is a way in which strategists set the objectives and proceed about attaining them. It deals with making and implementing decisions about future direction of an organization. It helps us to identify the direction in which an organization is moving. I believe that strategic management should be something that every business professional should seek to perfect in their day to day decision making. II. Body: A. What is Strategic Management? a. Definition b. What does it involve? B. Strategic Management Process
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Next in the strategic Management Process is strategy formulation can best be defined as choosing the most appreciated course of action for the realization if organizational objectives there by accomplishing the organizations vision. In the process of strategy Formulation there are six steps. These steps are setting the Organizations objectives, Evaluating the Organizational Environment, Setting Quantitative Targets, Aiming in context with the divisional plans, Performance Analysis and Choice of Strategy.
A key component of any strategy plan is to set the long term objective of the organization. An objective stresses being there and strategy stresses the process of reaching there. Before the selection of the objectives you must first analyze the factors which influence the selection of objectives. After you have determined the factors and objectives influencing strategic decision.

The next step in the process is evaluating the Organizational Environment. This step includes evaluating basic environment in which the organization operates. Managers can accomplish this by reviewing the organizations competitive position. The sole purpose of completing this review is to be positive that the factors important for competition success in the market can be revealed so management can recognize their own weaknesses and strengths as well as their competitors. After this
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