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Strategic Management Process DR I. Chaneta Department of Business Studies Faculty of Commerce University of Zimbabwe

Management creates strategies to direct how an organisation does business and achieves its goals. The strategy management process is ongoing as conditions change and new opportunities emerge. Strategic management allows companies to learn about their strengths, weaknesses, opportunities, and threats. It can also provide a competitive advantage when used effectively. The CEO is the most influential strategy manager, while the board of directors ensures the effective management of strategy. There are eight steps to the strategic management process, including identifying the organization's mission and analyzing strengths, weaknesses, opportunities, and threats.

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Hanan Tayyab
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88 views

Strategic Management Process DR I. Chaneta Department of Business Studies Faculty of Commerce University of Zimbabwe

Management creates strategies to direct how an organisation does business and achieves its goals. The strategy management process is ongoing as conditions change and new opportunities emerge. Strategic management allows companies to learn about their strengths, weaknesses, opportunities, and threats. It can also provide a competitive advantage when used effectively. The CEO is the most influential strategy manager, while the board of directors ensures the effective management of strategy. There are eight steps to the strategic management process, including identifying the organization's mission and analyzing strengths, weaknesses, opportunities, and threats.

Uploaded by

Hanan Tayyab
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Talal Zafar Pirzada

21-11329
Busn-498

Strategic Management Process


Dr I. Chaneta Department of Business Studies Faculty of Commerce
University of Zimbabwe

Summary
The activities and techniques used by management to create good organisational
performance are referred to as an organization's strategy. Management's game plan
for the company is called strategy. Management creates strategies to direct how an
organisation does business and achieves its goals. There is no unified action plan to
deliver the desired results without a strategy. Crafting and implementing a corporate
plan are core managerial activities. Good strategy and execution are indicators of
good management. A proven recipe for corporate success is the effective execution
of a great plan. Because each of the five strategy formulation activities involves
ongoing examination, and a choice between keeping things as they are or making
changes - the strategy management process is ongoing. Everything is subject to
change as conditions in the surrounding environment change and new opportunities
for improvement emerge. Changes in strategy can occur when a major strategic
initiative is put to the test, such as when a crisis occurs and managers realise that the
organisation’s plan requires a dramatic reorientation.
Because each of the five strategy formulation activities involves ongoing
examination, and a choice between keeping things as they are or making changes -
the strategy management process is ongoing. Everything is subject to change as
conditions in the surrounding environment change and new opportunities for
improvement emerge. The strategy formulation takes time and is difficult.
Companies can learn about their strengths, weaknesses, opportunities, and threats
by utilising strategic management. Companies can get a competitive advantage by
using strategic management. Despite the fact that every manager is a strategist and
implementer, the Chief Executive Officer, is the most visible and influential strategy
manager. Because senior managers are responsible for developing and implementing
strategy, the board of directors' primary strategic job is to ensure that the overall
task of managing strategy is completed effectively. Identifying the organization's
current mission, objectives, and strategies, analysing the environment, identifying
opportunities and threats in the environment, analysing the organization's resources,
and identifying the organization's strength are the eight steps in the strategic
management process.

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