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Final Exam Questions and Case Study - Essay Example
Author : lois81
Pages 12 (3012 words)
Running Head: Strategic Management Final Exam Essay Questions and Case Study on Strategic Management Name Name of Professor Question 1: Strategic Management Strategic management denotes the process of organizational planning at the optimal level…
According to Hunger and Wheelen (2000), the strategic management process is composed of four components, namely, strategic analysis, strategic decision, strategic implementation, and strategic review. These components are stages that are carried out sequentially when creating a strategic management plan. It should be followed in the manner shown below: *image taken from Google pictures By dealing with each component of the strategic management process in the way shown in the above figure, organizations can review and re-assess conditions as they emerge, constantly monitoring to be certain the organization has placed itself most favorably in the business environment. Strategic analysis is the most important and first component of the strategic management process. It starts with analyzing the internal and external environments and the situation where in the organization matches those environments (Hunger & Wheelen, 2000). After the completion of the strategic analysis, formulation of strategy follows. This requires establishing the strengths of the organization to choose which strategies can be put into practice. The third stage is strategic implementation. It requires actualizing or executing the formulated strategy (Hunger & Wheelen, 2000). ...