strategic management is the art of formulating, implementing, and evaluating decisions with different functionalities that allow organizations to achieve their objectives. It is the process of specifying organizations’ objectives by developing policies and plans to achieve those objectives and allocating resources to implement those policies and plans. Show Strategic management, therefore, combines the activities of various functional areas of an organization to achieve organizational objectives. It is the highest level of managerial activity. Strategic management process The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. The 5 stages of the strategic management process The strategic management process is more than a set of rules to follow. It is a philosophical approach to business. Top management must think strategically first, then apply that thinking to a process. The process is best implemented when everyone in the business understands the strategy. 1-Goal settingHow to set business goals and strategies. The purpose of setting goals is to clarify the business vision. This stage consists of identifying three facets: First, define the short- and long-term objectives. Second, identify the process of how to achieve the objectives. Finally, personalize the process according to our staff, give each member a task with which they can be successful. During this process, check that the objectives are detailed, realistic, and coincide with the values of your business vision. Typically, the final step at this stage is to make these goals and objectives known to all staff. 2-AnalysisThe analysis is a key stage because the information obtained in this stage will configure the following two stages. At this stage, collect relevant information and data to achieve your vision. The focus of strategic analysis should be to understand the business needs as a sustainable entity, with strategic and identify initiatives that will help the business to grow. Examine any external or internal problems that may affect your goals and objectives. Be sure to identify the strengths and weaknesses of your organization, as well as the threats and opportunities that may arise along the way. 3-Strategy formulationThe first step in forming a strategy is to review the information obtained from the analysis. Determine what resources the business currently has that can help achieve defined goals and objectives. Identify any area from which external resources should be sought. The problems facing the company must be prioritized for its importance to be successful. Once prioritized, begin formulating the strategy. 4-strategy implementationThe successful implementation of the strategy is essential for the success of the company. If the overall strategy does not work with the current business structure, a new structure must be installed at the beginning of this stage. Everyone within the organization must be clear about their responsibilities and duties, and how this fit in with the overall goal. In addition, all resources or funds for the company must be guaranteed at this time. Once financing is in place and employees are ready, execute the plan. 5-Evaluation and controlAny successful evaluation of the strategy begins with the definition of the parameters to be measured. These parameters should reflect the goals established in Stage 1. Determine your progress by measuring actual results versus the plan. Monitoring internal and external problems will also allow you to react to any substantial change in your business environment. If you determine that the strategy is not moving the company toward its goal, take corrective action. If those actions are not successful, repeat the strategic management process. Because internal and external issues are constantly evolving, all data obtained at this stage should be kept to help with any future strategy. Question added by Nadjib RABAHI , Freelancer , My own account
 by BASSAM BAAZEEM , Director of Administration and Human Resources , Train Markets Trading Ist I think .. Management Strategic Planning .. Business Planning .. Organizational Effectiveness .. Organizational Behavior .. Marketing Strategy ..Thank you for the invitation Mission and Goals Environmental Analysis Strategy Formulation Strategy Implementation Evaluation and Control the source Mohamed Ahmed Ismail
Thanks I support my colleague Bassam by his answer I only believe in " Be true to your own highest convictions." rest others are just the do's and don'ts by Ashraf E. Mahmoud
(PhD) , University Lecturer, Freelancer Consultant and Trainer for Int'l Business & Banking TF. , FreeLancer Thanks for invitation,, Agree with the replies of Mr. Adbul Rahamn and Mr. Osama that the main four components of "Strategic Management" are: 1- Environmental Scanning. 2- Strategy Formulation. 3- Strategy Implementation. 4- Strategy Evaluation. Thank you for the invitation. I agree with the answers dear professors above. Strategic management means we have to set strategy to achieve the strategic target set by the board , set plans to translate the strategy to actions , measuring progress , corrections when needed The components of strategic management are:
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Do you need help in adding the right keywords to your CV? Let our CV writing experts help you. What are the components of strategic management process?What are the 5 steps of the strategic management process?. Goal setting. The strategic management process is all about creating a roadmap to help you achieve your vision. ... . Environmental scanning and analysis. The next part of the process is analysis. ... . Strategy formulation. ... . Strategy implementation. ... . Strategy evaluation.. What are the 3 components of strategic management?Strategic management has three major elements, which include strategic analysis, strategic choice, and strategy implementation.
What are the 5 strategic management process?The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring.
What are the major 4 steps in strategic management process?The 4 Steps of Strategic Planning Process. Environmental Scanning. Environmental scanning is the process of gathering, organizing and analyzing information. ... . Strategy Formulation. ... . Strategy Implementation. ... . Strategy Evaluation.. |
Which of the following components are included in the strategic management process?
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