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Strategy Chapter 1

The strategic management process involves defining and implementing an organization's strategy through goal setting, environmental analysis, strategy formulation, implementation, and evaluation. It helps organizations achieve long-term objectives by analyzing both external and internal factors and executing plans effectively. Continuous monitoring and assessment are crucial to ensure the strategy meets desired results and adjustments are made as necessary.

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2 views

Strategy Chapter 1

The strategic management process involves defining and implementing an organization's strategy through goal setting, environmental analysis, strategy formulation, implementation, and evaluation. It helps organizations achieve long-term objectives by analyzing both external and internal factors and executing plans effectively. Continuous monitoring and assessment are crucial to ensure the strategy meets desired results and adjustments are made as necessary.

Uploaded by

benaventeangelle408
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Presentation

By: Giselle Caldoza


James Patrick Enopia
1.1 Describe the Strategic Management Process
Strategic management is the process of defining and implementing an organization's
strategy. It involves analyzing current circumstances, developing a plan to reach
important goals, and executing that plan. All businesses can benefit from strategic
management to help them meet long-term objectives.
Goal setting is the process of defining clear, specific, and measurable objectives that an
organization aims to achieve within a certain timeframe. These goals serve as the
guiding direction for all strategic activities and decisions. They can be both short-term
and long-term goals and must align with the organization's mission and vision.
This step involves analyzing both the external and internal environments of the
organization. External factors include market trends, competitors, political, economic,
social, and technological influences (often referred to as PEST analysis). Internal factors
include an organization's resources, capabilities, and weaknesses (SWOT analysis).
Strategy formulation is the process of developing specific plans based on the goals and
insights gained from the environmental analysis. It involves determining the best
courses of action to achieve the organization's objectives. This may include choosing
between different strategic alternatives such as growth, diversification, or market
penetration.
Strategy implementation is the execution phase, where the formulated strategy is put
into action. This step involves allocating resources, assigning responsibilities, and
ensuring that the necessary structures, systems, and processes are in place to carry out
the strategy effectively.
Strategy evaluation involves monitoring and assessing the performance of the
implemented strategy. This step helps determine whether the strategy is achieving the
desired results and if adjustments are needed. It includes regular performance reviews,
key performance indicators (KPIs), and corrective actions when necessary.

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