Strategic Management Process

Strategic Management Process Paper
September 5th 2011

Strategic Management Process
In this paper, the primary components of a strategic management process are the subject to discuss. Strategic management process is important for the success of any company; three major components required for the success of a company and its strategic management process, these components are Formulation, implementation, and evaluation
Components of Strategic Management
        Formulation is the first and the most important component in strategic management process, organization Vision is to guide employees and stakeholder, followed with mission statement and objectives to achieve the goal of the organization. The main areas in formulating strategic plan are what the organization goal is, the recognition of threats and opportunities, and to establish direction and roadmaps for employees to follow.
          Implementation is implementing the organization vision and mission statements, communicating the strategic plan to employees and stakeholders, and putting the formulated strategic plan into work. The main areas in implementing the strategic plan are structuring the organization, budgeting production costs, motivating employees to perform better, providing quality workplace environment, communication, and feedback   systems
        Evaluation is the organization strategic plan continues of evaluating, updating, and   make changes. Evaluation is the moment of truth for the organization strategic management process to measure the success of the strategic plan. The main areas in evaluation the strategic plan are reviewing the process and initiate and necessary correction, review the mission and objectives to make any necessary adjustments as needed.    
Strategic management process needed for a company
        Company in need for strategic...