Components Of Strategic Management Process contain the activities of senior executes in their fight to influence the overall corporations to enable them to develop successful business and cooperate strategies to achieve their goals. Strategic Management on other hand can involve many people in the organisation from even regional managers through to production supervisors through to financial planners and even analysts.
The Components Of Strategic Management Process means that we define the organisation’s strategy. It is sometimes defined also as the process by which managers and seniors’ executives make a choice of the set of strategies for management that will make it to achieve some better performance. Read more articles in Business Training in Kenya.
Components Of Strategic Management Process
Components Of Strategic Management Process are at least five: one is the selection of mission and goals which is a very important first process. An organisation cannot work without mission and goals. Second is the analysis of the organisation external competitive environment in order to point out the opportunities and threats which can knock off an organisation. Thirdly, it is very crucial to analyse organisation internal operational process. For an organisational to be success it is important to know the weaknesses and strengths in it. Four select the ways or strategies to build on an organisation strong parts to fight off the weaknesses. The last component is implementation selected ways and strategies to reach organisational mission and goals
Reason for the use of Components Of Strategic Management Process in an organisation
Components Of Strategic Management Process is very important in an organisation in that it appraises the business and industries in which the organization is involved. It also brings about healthy competition and helps in fixing of attainable goals in present and future and also reassesses each strategy. Environmental scanning is done i.e. a process of collecting, analysing and providing information for strategic purposes. It mostly helps in analysing the problem surrounding an organisation. It also helps in strategy formulation, which is a process of deciding the best way of accomplishing organisational objectives, and managers do this after they conduct environmental scanning. For the managers to be able to achieve the objectives they should implement these strategies by designing the organisations structure and distributing resources. Lastly the Components Of Strategic Management Process helps in evaluation of the organisational activities and this helps to know the external and internal factors that affect performance and how corrective measures that can be taken to correct these.
Levels of strategic management process
Components Of Strategic Management Process has different levels in any organisation going through overall organization i.e. groups of organisations to individual organisation. One is the corporate strategy, which is concerned with the overall scope of an organisation to meet the stakeholder expectations. It usually stated in mission statement of an organisation. Second is the business unit strategy that is mostly concerned with how the business competes in a certain market. Thirdly is operational strategy that is concerned with how business is organised to deliver cooperate and business unit level.
Conclusion on Components Of Strategic Management Process
Components Of Strategic Management Process in its broadest sense is all about taking strategic decisions, analysing the strength and understanding the important external factors that may influence the position of an organisation and also finding out the factors that bring about the performance of an organisation through Components Of Strategic Management Process.
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