Strategic Management Process

RUNNING HEAD: STRATEGIC MANAGEMENT PROCESS

Strategic Management Process

The purpose of this paper is to illustrate and discuss the components of the strategic management process and to indicate why such a process is necessary for an organization.

Strategic management involves several steps, one of which most fundamentally is strategic planning as the organization needs to determine where in the business environment it exists and where it is going.

Strategic Management

Strategic management involves a series of management decision, plans, and actions that involve the long run performance of the organization. These actions include environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation,...