Strategic Management Essay

Submitted By jrieple2420
Words: 414
Pages: 2

Within organizations today it is critical to have strategic management in place in order to assure that objectives are being met. When examining strategic management and the concepts it implies organizations must look at both internal and external factors. A SWOT analysis is a valuable tool in which companies are able to dive deeper into their strengths, weaknesses, opportunities, and threats. In order to find success a strategic process must be in place as a guideline to steer management in the correct direction. With the correct management plan in place it will often times create a clearer vision for the company to follow. This in turn provides guidance to both employees, management, and the company. A strategic management directly correlates with the company vision based on they both have long term objectives. The four management phases in which the strategic management plan encompasses are basic financial planning, forecast-based planning, externally oriented planning, and strategic management. Phase four is by far the most valuable when evaluating a company and its ability to achieve goals. Rather than projecting numbers that are very often inaccurate this phase decides to implement multiple different plans based on the organizations key objectives. It takes a dedicated collaborative approach to how the company progresses by making more information available to employees and lower level management. With the market always changing it is crucial for companies to be able to adapt and strategic management is the foundation. Johnson & Johnson is one of the largest companies in the world comprised of multiple different divisions. They truly understand the value of strategic management and the role it plays with their organization. According to "Strategic Planning Process " (2013), “We are