Strategic Management Essay

Submitted By srb1809
Words: 522
Pages: 3

Shawana Biggs
Strategic Management Process
Eligah King
July 1, 2012

Introduction Public and private sectors have caught public attention in recent years because of major corporations falling apart. Many people are unemployed because of unstructured organizations with ineffective strategies. Strategic Management has become an effective measure to help organizations develop and implement plans to reach goals. Private sectors have honed in on what changes should be implemented; whereas the public sector (government) is still working out the kinks. Organizations must understand that an effective strategy must have an effective set of tactics to ensure success. Strategic Management Process Strategic management is a set of tools use for managerial decisions and actions that determines the long-run performance of a corporation. The tools needed to implement a corporation performance are environment scanning for internal and external, strategy formulation on strategic or long-range planning, strategy implementation, and evaluation and control (Wheelen & Hunger, 2010). Many organizations have chosen to move toward strategic management because of its usefulness in building a business. Strategic management is not a replacement for traditional management, but rather a broader insight into the internal and external factors along with the organizations health. Strategic management will continually work on organization improvement as well. This way the organization will continually compete in the industry. Using SWOT which stands for strengths, weaknesses, opportunities and threats will allow management to evaluate the positives and the negatives. SWOT focuses on the company itself and the industry. Once that is determined, the organization can analyze threats from the industry as well as competitors. Another way SWOT can assist is by creating an outline for strategic planning for the specific needs of the company. Strategic direction enables creation of goals, mission, and vision statements. Strategic planning decides on strategies to reach the goals. Implementation decides on tactics to achieve the goal. The performance evaluation monitors the strategies to see if they are on course. If goals are not on course, reworking all prior steps can take place. In 1917, Forbes listed 100 companies that were in