I still remember that Strategic Management class was one of the most difficult time i faced throughout my study programs which took us 5 hrs of exam and presentation was really tough as well, especially when we were in a group project and someone neither contributed any ideas nor participated in preparation.
But, it was memorable days and i would like to share here "The Strategic Management Process" to remind myself and hopefully it will be good for you too.
The Strategic management process consists of five components as shown in above figure. And see those components as below:
(1) Selection of the mission and goals (it is the first and most important part to continue the whole process. Without mission and goals, it will be like you are passing through huge jungle and no destination to exit)
(2) Analysis of the organization's external competitive environment to identify opportunities and threats. Remember that external environment can beat you down or block your way before you go on.
(3) It's always important to analyze organization's internal operational process to identify strengths and weaknesses. There is no way to success without knowing internal sources.
(4) Select the ways or strategies to build on the organization's strengths and correct the weaknesses in order to take advantage of external opportunities and counter external threats (Called "Strategic Formulation")
(5) The last point is to implement those selected ways and strategies to reach your mission and goals. At the same time, do not forget to control the process what the organization has implemented and analyze the result.
Above 5 components will make the success of strategic management process in any business industry companies. I will share you more soon after reviewing my class note book. Good Luck and Success!
But, it was memorable days and i would like to share here "The Strategic Management Process" to remind myself and hopefully it will be good for you too.
Figure (1) Strategic Planning Process
The Strategic management process consists of five components as shown in above figure. And see those components as below:
(1) Selection of the mission and goals (it is the first and most important part to continue the whole process. Without mission and goals, it will be like you are passing through huge jungle and no destination to exit)
(2) Analysis of the organization's external competitive environment to identify opportunities and threats. Remember that external environment can beat you down or block your way before you go on.
(3) It's always important to analyze organization's internal operational process to identify strengths and weaknesses. There is no way to success without knowing internal sources.
(4) Select the ways or strategies to build on the organization's strengths and correct the weaknesses in order to take advantage of external opportunities and counter external threats (Called "Strategic Formulation")
(5) The last point is to implement those selected ways and strategies to reach your mission and goals. At the same time, do not forget to control the process what the organization has implemented and analyze the result.
Above 5 components will make the success of strategic management process in any business industry companies. I will share you more soon after reviewing my class note book. Good Luck and Success!
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