Answer to Question #208185 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

Strategic management process has following steps:

1. Developing a Strategic Vision and Business Mission

2. Setting Objectives

3. Crafting a Strategy

4. Environmental Scanning

5. Strategy Formulation

6. Strategy Implementation

7. Strategy Evaluation and Control.

The process of strategic management consists of:

1. Defining the Mission Statement

2. Analyzing the Environment

3. Organizational Self-Assessment

4. Establishing Goals and Objectives

5. Formulating Strategy.