Strategic Management Process Paper

618 Words Nov 23rd, 2012 3 Pages
Strategic Management Process

Kimberly Bruno

MGT 498

October 29, 2012

Homer Johnstone

Strategic Management Process

For an organization to achieve success a successful product or service is necessary. However, a successful organization requires much more than that. An organization needs a full-scale management plan. This displays plans for the future and allows an organization to run like a well-oiled machine. To fully understand the management process one must examine all necessary elements and examine an organization with a solid process.

The Elements

The basic components or basic models of strategic management include four elements. These elements are environmental scanning,
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A SWOT analysis is only effective if the information is processed and analyzed on a continual basis as this provides information about new competitive threats. However, the SWOT analysis is not the only important portion. Each element is necessary for an organization to remain successful. An organization must have distinct processes, look to the future, and evaluate performance.

Strategic Management at BMW

BMW is a German automobile and motorcycle manufacturer. BMW automobiles are considered luxury vehicles with endless amounts of options and expensive price tags. The company, which was at one time was severely struggling financially is extremely successful. The organization continues to sell more care almost every year, created strong brand recognition, and a loyal customer following. BMW created what they call corporate Strategy Number One, this includes plans for the future, survey results, and performance evaluations. The purpose of the strategy is to pursue the vision of being the leading provider of premium products and premium services for individual mobility ("BMW Group”, n.d.). The strategy continues to describe the objective and how BMW plans to reach those objectives. To clarify this the organization included the results from surveys distributed to stockholders and employees. The challenges the company faces were also clearly laid out, along with previous achievements.

Conclusion

After examining all the necessary