Answer to Question #208184 in Management for Samtina

Question

In view of the intense competition within the business environment and the changing trends in consumer tastes and preferences, develop a strategy for a firm of your choice. With your knowledge in strategic management process, discuss the steps you will follow to develop the strategy.

Answer 1

The strategic management process is a continuous appraisal culture that an enterprise adopts to outshine its competitors. The following is a strategic management process for a Non-Governmental Organization (NGO):

Stage 1 Strategic Objectives and Analysis

The firm should first develop vision, mission, and values statements. It is done through external analysis, such as PESTEL. It is a business’s strategy that examines the Political, Economic, Social, Technological, Environmental, and Legal determinants. The firm could also use an internal operation analysis, such as SWOT. It is strategic business management that assesses the firm’s Strengthens, Weaknesses, Opportunities, and Threats. The organization could also establish strategic objectives. The firm’s strategic options should be SMART. In other words, the measures should be Specific, Measurable, Achievable, Realistic, and Time-bound.

Stage 2 Strategic Formulation                          

The firm should develop clear and realistic goals and objectives based on the SWOT and PESTEL analysis information. In this case, the firm’s management should identify the gaps in the organization and find means to obtain additional resources. The organization should also devise aimed plans to achieve the goals and develop strategic tactics to attain the objectives. Lastly, the firm should continue examining the external business and eliminate the factors that might influence probabilities in achieving the strategic goals and objectives.

Stage 3 Strategic Implementation

It is also referred to as strategic execution. In this stage, the firm should stop planning, and activities begin. During the actions implementations, everyone in the firm should know their responsibilities, authority, and assigned duties. Also, the management should introduce training to ensure the employees are doing their tasks as required to meet their goals and objectives. In this stage, the firm should ensure it allocates resources, such as investment funds.

Stage 4 Strategic Evaluation and Control             

The internal and external business conditions are always dynamic. The firm should conduct performance measurements to maintain the organization’s performance. If the actual outcome contradicts the strategic plans, corrective measures are implemented. The firm could reexamine its goals and objectives if there’s a necessity. Also, if the strategic plans do not seem to work, new methods are formulated. If need be, the strategic process might be implemented from the beginning to meet its goals.