Strategic Management Process Paper

In: Business and Management

Submitted By Bigant23
Words 760
Pages 4
Strategic Management Process
Anthony Yon
MGT/498
January 20, 2015

Strategic Management Process
The successfulness of an organization longevity is reliant on the decisions and actions that management makes. These decision and actions include internal environmental scanning, external environmental scanning, strategic formulation, strategic implementation, evaluation, and control (University of Phoenix, 2015). These elements are relatable to the strategic management process. An example of Wal-Mart's strategy process will be covered in this reading as well. The strategic management process and why it is necessary for a company will be the covering elements of this paper (University of Phoenix, 2015).
Environment Scanning
Environmental scanning is a systematic process that interprets and surveys critical information to identify threats and external opportunities. An organization collects data internally, its competitors and the outer world. A company should then take the collection of data and readjust its strategies when the need is suitable. Gathering information about the world in which the business operates, focusing on competitors, and internally scan the organization is the key steps to conducting an environmental scan (Society for Human Resource Management, 2015).
Strategy Formulation
Strategy is a roadmap to business success and within that strategy, is strategy formulation. Strategy formulation is the process of developing the actual plan. A series of sequential executable steps have to be in organizing order. The reason that it is important, the steps be in order, is because the steps progress upon one another. The two process, which are on a continuous bases throughout strategy formulation, is environmental scanning and implementation. The order, in which strategy formulation should take place, define the organization, vision, and…...

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