Strategic Management Process

Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm 's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm 's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually

See Chapter 1, Exhibit 01: Strategic management consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages:

In simple understanding, strategic management refers to managing the resources so as to achieve the desired objectives and goals of an organization. In broader terms, it can be understood as a continuous process which

"Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are

Strategic management is the process where leaders establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all external and internal changes, and undertake effective strategies to manage these changes and execute action plans.

Another approach to strategy development begins with an analysis of external and internal factors, followed by some visioning, then planning. Including in the analysis phase is often a “SWOT,” a thorough examination of internal Strengths and Weaknesses, as well as external Opportunities and Threats. SWOTs are praised for capturing both the positive (strengths and opportunities) and negative (weaknesses, threats); and organizations embrace this approach with the hope of gaining a “balanced” analysis of itself, inside and out (Hetzel and Silbert, 2007).

“A SWOT Analysis is the most used tool for audit and analysis of the overall strategic position of the business and its environment. Its principal purpose is to identify the strategies that will create a firm-specific business model. The plan aligns the organization’s resources and capabilities to the requirements of the environment in which the firm operates. The analysis is to evaluate any potential and limitations and the probable/likely opportunities and threats from the external environment. The results provide the positive and negative factors inside and outside the firm that affect the success.” A SWOT analysis is conducted to determine the strengths, weaknesses, opportunities, and potential threats to the organization. ("SWOT

Primarily, one must consider how to prepare adequately and constructing a strategic thinking and decision-making. Secondly, optimizing a SWOT analysis can also help identify challenges, weaknesses, and threats to an organization. Bryson (2001) stated in order to determine internal strengths and difficulties for the organization to monitor resources (inputs), present strategy (process), and performance (outputs). In alignment with an organization's structure, new opportunities are identified and achieved through short, long-term goals, and integrating a SWOT analysis. The SWOT analysis allows one to explore the organizations, environments opportunities, along with threats, organizational strengths, weaknesses and challenges. Granted, organizational shift and cultural changes within the ARC also has caused for accountability and transparency to emerge, which is also a challenge. However, continual goal setting for the entity will provide thorough guiding principles to overcome challenges and view how future performance plans will fit within the mission of the

There are seven steps that strategic planners must take to determine staff readiness for the process. These steps are (1) securing the support of the church’s empowered leadership, (2) recruiting strategic leadership team (3) communicating constantly with the congregation (4) assessing the church’s readiness for change (5) conducting ministry analysis (6) approaching the process with reasonable time expectations, and (7) laying spiritual foundation for the project

What Is Strategic Management a process for defining and addressing the management implications of an organization's strategic and operational plans? A long-term context for short-term activities. Strategic management is the analysis of the work done by the management of an organization on behalf of the owners. It gyrates around expressing the purposes of the organization and coming up with an appropriate mission and vision statement. Mission and vision statement together are used to help develop policies and plans to be used in long term and short term goals often categorized as projects or programs. It also involves the right resources of management to ensure that the business profit are maximized to grow the company. Strategic Competitiveness

Therefore, strategic management is an all-encompassing approach for formulating, implementing and evaluating managerial decisions in a way that permits the business to reach its objectives.

The strategic management is actually defined as the process in which an organization actually formats and also implements the plans which espouse the objectives and goals of that organization (Diana Wicks, 2011). The process of the strategic management is continuous and it changes with the evolution of the organizational goals and objectives.

Fred R. David (2007:5) defined strategic management as “the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organisation to achieve its objectives.

SWOT Analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favourable and unfavourable to achieving that objective. The technique is credited to Albert Humphrey, who led a research project at Stanford University in the 1960s and 1970s using data from Fortune 500 companies.[1]

Fred R. David (2007:5) defined strategic management as “the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organisation to achieve its objectives.