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5 Strategic Management

The 5 strategic management components are: 1. Clarify your vision and set objectives 2. Gather and analyze information 3. Formulate a strategy based on the analysis 4. Implement the strategy 5. Evaluate and control the strategy implementation through measurements The strategic management process involves setting a vision and goals, analyzing internal/external factors, developing a strategy, executing the plan, and monitoring performance. The key is for all components to work together systematically to achieve the organization's strategic intent.

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38 views2 pages

5 Strategic Management

The 5 strategic management components are: 1. Clarify your vision and set objectives 2. Gather and analyze information 3. Formulate a strategy based on the analysis 4. Implement the strategy 5. Evaluate and control the strategy implementation through measurements The strategic management process involves setting a vision and goals, analyzing internal/external factors, developing a strategy, executing the plan, and monitoring performance. The key is for all components to work together systematically to achieve the organization's strategic intent.

Uploaded by

Ron Din
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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What are the 5 strategic management?

Clarify Your Vision Implement Your Strategy


The purpose of goal-setting is to clarify the
vision for your business. This stage consists Successful strategy implementation is critical
of identifying three key facets: First, define to the success of the business venture. This is
both short- and long-term objectives. Second, the action stage of the strategic management
identify the process of how to accomplish your process. If the overall strategy does not work
objective. Finally, customize the process for with the business' current structure, a new
your staff, give each person a task with which structure should be installed at the beginning
he can succeed. Keep in mind during this of this stage. Everyone within the organization
process your goals to be detailed, realistic must be made clear of their responsibilities
and match the values of your vision. The and duties, and how that fits in with the
next step in this stage is usually to produce a overall goal. Additionally, any resources or
mission statement that explains your aims to funding for the venture must be secured at
both your stockholders and your employees this point. Once the funding is in place and the
succinctly. employees are ready, execute the plan.

Gather and Analyze Information Evaluate and Control

Analysis is a key stage because the Strategy evaluation and control actions
information gained in this stage will shape the include performance measurements,
next two stages. In this stage, gather as much consistent review of internal and external
information and data relevant to issues and making corrective actions when
accomplishing your vision. The focus of the necessary. Any successful evaluation of the
analysis should be on understanding the strategy begins with defining the parameters
needs of the business as a sustainable to be measured. These parameters should
entity, its strategic direction and identifying mirror the goals set in Stage 1. Determine
initiatives that will help your business grow. your progress by measuring the actual results
Examine any external or internal concerns versus the plan.
that may have an impact on your aims and
aims. Make a list of your organization's Monitoring internal and external issues will
strengths and weaknesses, as well as any also enable you to react to any substantial
dangers or opportunities that may occur along change in your business environment. If you
the way. determine that the strategy is not moving the
company toward its goal, take corrective
Formulate a Strategy actions. If those actions fail, go through the
strategic management process again.
The first step in forming a strategy is to review Because internal and external concerns are
the information gleaned from completing the always changing, any information gathered at
analysis. Determine what resources the this point should be saved to aid future
company currently has that can assist in initiatives.
achieving the set objectives and goals.
Identify any places where the company will
need to hire outside help. The difficulties that
the company is facing should be prioritised
based on how important they are to your
success. Once prioritized, begin formulating
the strategy. Because business and economic
situations are fluid, it is critical in this stage
to develop alternative approaches that
target each step of the plan.
The Basic Concept of Strategy intends to serve its stakeholders. It describes
Management Includes: why an organization is operating that helps
  provide a framework within which the
1. Strategy Management – Definition strategies to achieve its goals are formulated.
2. Components of Strategy Management  
3. Process of Strategy Management  Vision
The visual component of strategy
Components of Strategy Management management helps identify where the
 Strategic Intent organization intends to be in the future. It
Strategic Intent of an organization clarifies the describes the stakeholder dreams and
purpose of its existence and why it will aspirations for the organization.
continue to exist. It helps paint a picture of
what an organization should immediately do to  Goals and Objectives
achieve the company’s vision. Goals help specify in particular what must be
done in order to attain an organization’s
mission or vision. Goals make the mission
 Mission component of strategy management more
Mission component of strategy management prominent.
states the role by which an organization

Summing Up
 
Strategic management is an ongoing process
and it the strategic manager should make sure
that each component interacts with the other
components and that this interaction often
happens in synchronization to avoid chaos.
Strategic management is not an easy job, to
master the art of it you might need to take a
Strategic management course online. These
are short courses that will help you understand
the basic concept of strategic management.

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