Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
7th Edition
ISBN: 9781259666094
Author: Erik W. Larson, Clifford F. Gray
Publisher: McGraw-Hill Education
bartleby

Concept explainers

bartleby

Videos

Textbook Question
Book Icon
Chapter 2, Problem 1RQ

Describe the major components of the strategic management process.

Expert Solution & Answer
Check Mark
Summary Introduction

To determine:

Major components of the strategic management process.

Introduction:

Strategic management process is the process which defined the organization’s strategies. It also refers to the process through which managers put down the strategies for the firm, which are important for an organization to achieve better and appropriate performance.

Explanation of Solution

The strategic management process is the best approach implemented when every individual in the business understands the strategy.

Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences), Chapter 2, Problem 1RQ

Major components of the strategic management process are as follows:

  1. Environment Scanning:
  2. Environmental scanning is the process of accumulating, analyzing, and providing information for strategic purposes. It also helps in securitizing internal and external factors affecting an organization.

  3. Strategy Formulation:
  4. Strategy formulation refers to the process of deciding the best approach for accomplishing the organizational task and achieving organizational goal.

  5. Strategy Implementation:
  6. Strategy implementation refers to the process through which an organization works on the chosen strategy. In this phase, organizations convert their strategies into actions. Strategy implementation comprises mapping the organization’s structure, marketing, distributing resources, and managing resources.

  7. Strategy Evolution:
  8. Strategy Evolution is the last step of the Strategic Management Process. The major activities of the strategy evolution include evaluating internal and external factors that are the origin of present strategies, evaluating performance, and taking appropriate actions.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Describe the six steps in the strategic management process
Discuss various steps involved in the process of strategic management.
Briefly describe the four basic elements of strategic management
Knowledge Booster
Background pattern image
Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
Principles of Management
Management
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax College
Inventory Management | Concepts, Examples and Solved Problems; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=2n9NLZTIlz8;License: Standard YouTube License, CC-BY