Strategic Management Process At Gamble And Thompson

Decent Essays
1. Describe, in detail, the strategic management process according to Gamble and Thompson.
According to Gamble and Thompson (2017), managing the strategy of a company or organization is an ongoing, continuous process consisting of five integrated stages.
• Developing a strategic vision and mission statement, and determining your core values. Vision and mission statements outline the organizations long range direction, describes what the organization does, and defines the values that guide the vision and mission. The vision and mission of an organization should stem from its core values (Fuller & Green, 2005).
• Setting objectives assist in helping the company measure the success of the organization’s performance in meeting or making
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Key functions involve staffing, allocating resources, ensuring that policies and procedure are in place and followed, evaluating operating systems, creating company culture, and looking for ways to improve performance.
• Evaluating performance and initiating corrective adjustments. This is an important step in the strategic management process because it identifies corrective measures or adjustments that need to be made to ensure the organization achieves the long-term vision and mission. During the evaluation process, leadership must consider both external and internal factors which affect the organizations ability to achieve its long-term vision and objectives.
2. Discuss the role of leadership in formulating and executing strategy.
The role of leadership is to evaluate internal and external factors and then provide guidance in determining the strategic direction, objectives, and implementation of the strategy. Those decisions are shaped by the economic conditions, competitive environment, and the organizations internal resources and competitive capabilities. Leadership must also evaluate the performance of the organization on an on-going basis to determine any corrective adjustments that need to be made to the strategic plan (Gamble, Peteraf, & Thompson, 2015). Leadership should not be responsible for doing all those things that need to
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