Strategic Management
Strategic management incorporates assembling and application of primary initiatives and goals that top managers take based on the internal and external assessment of the environments as well as the organization’s resources (Shuman & Seeger, 1986). The processes of formulating an excellent strategy for any business are outlined, starting with information analysis and gathering, strategy formulation, implementation, and lastly the strategy control and evaluation.
Gather and Analyze Information
Understanding the issues that are prone to interfere with the proper running of the organization, both internal and external, should be the main focus. In the gathering part, the organization tries to interrogate the community people to know its exact position in society and how they can do to maintain strong bonds with their donors. Leadership, employees, and mission statements are some of the issues identified to affect the business internally. While competitors, the economy, and customers affect it externally. An organization has an opportunity of choosing excellent leaders since with them, the future vision will be clear. Customers should be engaged regularly and a clear mission statement formulated. A wrong choice of leaders may ruin the entire organization. With the right leaders, more upward growth of the business is experienced (Hunger & Wheelen, 2003). Competitors are the primary threat of the company and should get handled appropriately.
Formulate a Strategy
In this stage, a review of the generated organization’s information gets conducted. Resources within an organization which aid in the accomplishment of the stated goals get identified. Incase any external resources get needed for the achievement of the stated objectives, decisions on where to obtain them get made. While formulating, the target demographic should be well defined. The uniqueness of the organization from the perspective of the stakeholders and customers is reviewed (Hunger & Wheelen, 2003).
Implementation of your Strategy
In this process, mobilization and alignment of the organization’s resources, which include people, IT systems, and procedures, are conducted to ensure appropriate decisions get made. It is the stage where actions on the strategy are taken. In cases where the approach fails to match the organization structure, new plans should be formulated to ensure its success (Hunger & Wheelen, 2003). Strategy execution should be proceeded with only after duties and responsibilities allocation gets completed.
Evaluation and Control
In this stage, the success of the goals and plans of the organization gets determined. External and internal issues are reviewed, too, and collective measures are taken where needed. Parameters to be determined are well stated, which match with those of the initial stage. When external and internal issues get controlled in time, any change within the organization becomes manageable (Hunger & Wheelen, 2003). In case the evaluation process is not a success, the process of managing strategy should get repeated and better strategies identified.