Strategic Management- Explanation of the strategic management process
The strategic management provides context for organizations to define strategy of the organization. It refers to the process that helps the organization to enhance its performance. However, to ensure this, it is required for the managers in applying some strategies that ensures that organization is capable of ensuing performance improvement and it is achieved while referring to organizational mission and vision as well.
According to Ricky, an academic writer at My Assignment Help, “Strategic management refers to a continuous process that is required for organization to ensure excellence in its business process and in industry in which the organization is involved”. It also required to analyse competitors which are important for the organization and along with this, it is also required for the organization to identify its goals. These goals are defined in terms of its competitors in terms of its business process in present and in future as well. However, for implementation of strategic management process, it is important to design strategy, but this is not enough. It is also required to consider analysis of competitors while designing and implementing strategic management process as well.
While designing strategic management process, it is important to analyse steps that are required for this.
Some of the steps that are important in designing strategic management process are the followings:
Identify what are goals, mission and vision of organizations:
It is not possible to design strategic management process if organizational goals are not identified. However, to design proper strategy it is ensure coordination between organizational mission and vision as well.
Identify aspects that impact organizational performance:
Purpose of strategic management is to enhance organizational performance. Therefore, if it is not identified which aspects are affecting organizational performance then it is not possible to define strategies that enhance its performance as well.
Strengths and weakness of organizations:
It is important to identify what are the strengths and weakness of an organization for designing strategy. Identification of organizational strengths and weakness of organization is what allows to formulate strategy that is in accordance with organizational requirements as well.
One of the main aspects of strategic management process is to design strategy. It identifies requirements that needs to be considered for achieving organizational objectives and therefore providing context to the organization to meeting organizational purposes as well.
This is another significant aspects of the strategic management process. After strategies are formulated, it is required to ensure proper implementation of these strategies in organizational context. It ensures that strategic and performance management process is effective and efficient as well.
Evaluation of strategies:
After strategies are designed and implemented, it is important to evaluate these strategies. This will help in analysing effectiveness of strategic management process. Therefore, it will provide context to identify issues with these strategies and improve those issues. It will ensure that implementation of strategic management process is effective and efficient as well.
About the Author: Ricky is a Senior Manager at an MNC based out of Australia. In addition, he is also associated with Topassignmentreviews.com as a subject matter expert. He provides assignment help to students who seek assistance.