Strategic Management Process

Organizations develop some form of a strategic counsel figure to enter, maintain, or continue to enhance their position with other competitors inwardly their industry. The primary goal of any organization is to provide a harvesting or service to produce a profit. Though the objective ashes the same regardless of the organization, the strategic charge processes may vary. Prior to describing the components of a strategic focal point process, one must first understand the interpretation of strategic focal point.Strategic management is a set of managerial decisions and actions that determines the long-run mental process of a corporation (Wheelan & Hunger, 2010). The concept of strategic management allows a company to set goals in order to secure sustainability for the future. There are four tint in a strategic management contrive situation analysis, strategy formulation, strategy implementation, and strategy evaluation (Whelan & Hunger, 2010). These steps are performe d in this specific order when developing a bleak plan of management.Situation analysis involves reviewing the internecine and external environment as salutary as the organizational framework of a company. When focusing on internal environment of a company one must focus on the different working relationships within the organization. To analyze the external environment would overwhelm evaluation of relationships the company has with its customers, suppliers, creditors and competitors. (Coulter, 2005). The second step in strategic management plan is strategy formulation. In this step the strategies for the company are theorize focusing on its strengths.Strategy formulation can be categorized into one-third organizational levels operational, competitive and corporate (Coulter, 2005). Strategy implementation is the next step. In this step the strategies that were formulated in the previous step are beat into action. This includes development of operating procedures necessary to i mplement the strategies set forth. To be successful the problems should be prioritized based on the seriousness of the issue and should focus on the important issues first (Coulter, 2005). The final step is strategy evaluation. In this step the entire process is under scrutiny.This includes how the strategy was executed and the effectiveness of it. In this step changes are made as necessary. For example if goals were not met the strategy should be modified (Coulter, 2005). The Internal Revenue Service began using a strategic management plan in 1985. They use the plan to gratify the requirements of the Government Performance and Results Act of 1993. As part of the strategic management process The IRS plans and budgets, develops measures, implements the plan, and evaluates the results (http//govinfo. library. unt. edu/npr/library/studies/caseirsa. pdf).In conclusion a strategic management plan is a continuous process and is important to the successful future of a company. Strategies will change as objectives and goals change. The use of a strategic management process is important to the sustainability and longevity of a company. References Coulter, M. (2005). Strategic Management in Action. (3rd ed. ). Upper Saddle River, NJ Pearson Prentice Hall. http//govinfo. library. unt. edu/npr/library/studies/caseirsa. pdf Wheelen, T. L. , & Hunger, J. D. , (2010). Concepts in strategic management and business policy (12th ed. ). Upper Saddle River, NJ Pearson Education