Strategic Management Process

Abstract

Wheelen and Hunger (2002) say that strategic management is a set of managerial decisions and actions that determines the long-run performance of an organization. It includes environmental scanning (both external and internal) strategy formulation (strategic or long- range planning), strategy implementation and evaluation and control. The study of strategic management emphasizes the monitoring and evaluation of external opportunities and threats in light of an organisation’s strengths and weaknesses (Kenneth, 1987). The strategy of an organization consists of the moves and approaches made by management to produce successful performance of an organization. Strategy is management’s game plan for the business. Management develops strategies to guide how an organization conducts its business and how it will achieve its target objectives. Without a strategy, there is no cohesive action plan to produce the intended results. Core management functions are crafting and implementing a strategy for the business. Good management is exhibited by good strategy and good implementation. Powerful execution of a powerful strategy is a proven recipe for business success. The standards for judging whether an organization is well managed are based on good strategy-making combined with good strategy execution.