PRIMARY COMPONENTS OF STRATEGIC MANAGEMENT

PRIMARY COMPONENTS OF STRATEGIC MANAGEMENT

PRIMARYCOMPONENTS OF STRATEGIC MANAGEMENT

InstitutionAffiliation

Strategicmanagement process signifies the modern structure of management forbusinesses based on various aspects. First on the forecast of theenvironmental changes, assessment of the internal potential of thecompany, and on the adjustments aimed to harmonize the environmentand the changes to achieve the objectives of the company. The processis a philosophical approach to the modern form of business hence,more than just a laid down rules to follow. Strategic managementprocess is best employed when all the business members identifieswith the entire process. The paper aims to discuss the primaryprocess of strategic management that entails goal setting, analysisof the goals, strategic formulation, and strategic implementation. Indescribing, the process the paper will use the Great Italian FoodsCompany to illustrate how the process works.

Goalsetting

Goalsetting is the first stage in strategic management process. The stagecomprises the identification of both long-term and short-termobjectives of the business[ CITATION Rao08 l 1033 ].Forinstance, the short-term goal for Great Italian Company is to providethe best meals and gain competitive advantage in the local community.While the long-term goals are to expand the market, globally maintainthe customers and expand its profits. Additionally, the stagestrategically defines on how to achieve the set objectives. Forinstance, our example company uses the quality ingredients in makingits foods, has the best décor that that attracts the customers tothe restaurants. Most of its restaurants are made of glasses toenable the customers have a clear view of the entire restaurants.Finally, the goal setting stage customizes the staff with the wholeprocess and our company has embraced the aspects as it has the bestwaiters who know how to attend the customers. In addition, all staffmembers know how to relate with others the skill that is employedfrom strategic management process.

Strategicanalysis process

Thestage is vital in the whole process of strategic management as itaims in gathering relevant information concerning the business inquestion. The process seeks to understand the needs of the business,direction, and how, to grow the business. The needs of The GreatItalian are to gain competitive advantage over the local market andto expand the market into international levels. The company hasensured it offers the quality and fresh foods, has the bestenvironment that attracts customers, with best services provided byits attendants who are friendly to customers. The company is aware ofits strengths and opportunities as they are the pillars to success.Additionally the company is working on its weakness and treats toavoid possible failure.

Formulationprocess

Thestrategic process of formulation determines the current resources ofthe business that will help the business to attain its goals andobjectives. The process as well seeks to identify whether the companyrequires external resources to enable the company successes. Thestrategic stage is best employed in developing the best alternativethat target the whole process[ CITATION Law05 l 1033 ].For instance the current resources of our example company, is notenough to expand the business to global levels. Thetop management has sourced the extra resources from banks and otherpotential sponsors in terms of shares.

StrategicImplementation

Implementationand evaluation is the final stage in the process of strategicmanagement. After identify the goals and objectives of the business,analyzing the possible options on how to achieve those objectives andformulation is the implementation[ CITATION Rao08 l 1033 ].The stage seeks to execute the best alternative that will aid inachieving the success. Alternatively, evaluation process seeks tomonitor and check whether the implemented alternative achieved theintended objectives.

Conclusion

Strategicmanagement is the modern way of business management that companiesneed to employ them to grow. The process guides the businessoperations and the staff hence creating the best environment forbusiness operation. For the process to work best, strategic managers,must set goals and objectives of the business, analyse the business,formulate the information, implement, and then evaluate the entireprocess to find out whether the whole process was effective.

References

Lawrie,J. J., National Research Council (É.-U.)., Transit CooperativeResearch Program., &amp États-Unis. (2005).&nbspStrategicplanning and management in transit agencies.Washington, D.C: Transportation Research Board.

Rao,C. A., Rao, B. P., &amp Sivaramakrishna, K. (2008).&nbspStrategicmanagement and business policy: Texts and cases.New Delhi, India: Excel.