Components of Strategic Management Process can be referred to as procedures to be followed to achieve the purpose of strategic management. This is all part of the continuous process of improving the business in an effort to succeed and reach company goals.
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Strategic planning was developed as an alternative of then was called long-term planning.
Strategic planning is more of leadership driven and vision based. The top management decides on the principles that guide the organization toward established goals.
Components of Strategic Management Process
There are five major Components of Strategic Management Process which includes;
- Formulation of Strategic Vision Components of Strategic Management Process is the first in the process. It provides the information necessary to create company vision that will in the long run achieve the mission. The management must decide on vision for the organization that is organizations desired future position. A vision gives a company a strong identity; provide a sense of purpose for the company’s activities
- Setting ObjectivesComponents of Strategic Management Process is to translate the vision and condense it into objectives. These engages the organization into motion and stipulates what distance to cover and by what time. The objective should be SMART to avoid complacency, internal conflicts and employee strain and stress.
- Develop Strategies to Meet the Established Objectives
This Components of Strategic Management Process developed after objectives are established which states where to go whiles strategies are developed to describe the means of getting there. Strategies states out what needs to be done and the tools required to make it possible or achievable.
- Implementing and Executing the Strategy
This Components of Strategic Management Process means turning the strategies into action to meet the desired reaction/objective. Managers develop tasks and coordinates them to enable the company meet the objectives while maintaining and promoting the core values.
- Evaluation of Performance (monitoring and review)
Strategic management assumes continual change. Therefore mechanisms must be developed for monitoring and analyzing the performance of the organization with respect to achieving the goals and objectives set in the action plan.
Managers must constantly evaluate performance and processes and take necessary adjustment where need be. This as a result the organization environment changes with time.
Factors affecting Components of Strategic Management Process
- Society forces
- Political and legal/regulatory forces
- The industry and competitive conditions
- Opportunities and threats
- Strength and weakness of the organization
- Company culture
- Ethical consideration
- Personal managerial ambitions
- Poor communications
Benefits of a mission statement in Components of Strategic Management Process
Components of Strategic Management Process provide a guiding philosophy to the organization
Describes what the organization is all about
Mission displays the area in which the organization is operating in.
Conclusion Components of Strategic Management Process
Components of Strategic Management Process is not a one time event, but it is a continuous process. As the results are being realize change do come thus the management and employees asses the implication and adjust the strategies appropriately. As the strategies are being implemented growth is realized hence some strategies changes and new one develop hence need to review the Components of Strategic Management Process.
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