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Description
Section 6.2 discusses the strategic-management process. This process has five-steps: 1) Establish the mission and the vision; 2) Assess the current reality; 3) Formulate the grand strategy; 4) Implement the strategy; and 5) Maintain strategic control. All the steps may be affected by feedback that enables the taking of corrective action.
Watch: To help you better understand the strategic management process, watch the Harvard Business Review video “Why So Few Managers Understand Their Company's Strategy (Links to an external site.).”
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Explanation & Answer
Attached.
STRATEGIC MANAGEMENT PROCESS
Strategic Management Process
Student’s Name
Institutional Affiliation
1
STRATEGIC MANAGEMENT PROCESS
2
Introduction
Strategic management is the process that an organization plans, evaluates, and manages
available resources to achieve organizational goals (Rothaermel, 2016). Managers have to
undertake a strategic management process for any organization to attain a competitive advantage.
This process involves collecting data within the organization's top managers, middle-level
managers, bottom level employees, customers, and business partners to determine the current
status of the organization and making any adjustments to suit the organizational goals. The
strategic management process involves five steps which are: establishing the mission and vision
of the organization, gathering information to assess the current position, formulating a strategy,
strategy implementation, and lastly, strategy evaluation and control (Clayton, 2015). Each of
these steps can be influenced by the feedback collected from stakeholders within the
organization.
Establish Your Vision and Mission
The first step in establishing your vision and mission is setting both short-term and ...
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