Strategic Management Process Strategic management entails the steps taken and combination of managerial decisions which sums up the future performance of a particular company. It entails the four pillars of management. The strategic plans give a framework for the entire company to not only use but also apply. The strategic management consists of steps that shape up the implementation, strategic planning as well as evaluation (Wheelen and Hunger, 2004). First step: The

Components of the Strategic Management Process The Strategic Management Process: Primary Components The strategic planning process according to Hill and Jones (2010) has five main components or steps. The first step identified by the author in this case is the selection of both the goals and objectives of the organization as well as its corporate mission. While a mission statement comes in handy in the identification of a company's purpose, a vision

Business- Management Strategic Management Process/Vision, Goals, Objectives Criteria for Mission Statement Expresses the core competency of the business Include the organization's strengths, values, and purpose State the organization's overall strategy for determining long-term success. Explains why the organization exists Explains what the organization is trying to accomplish Criteria for Vision Statement What the business wants to accomplish Time from for accomplishing the goal Inspires creativity Energizes growth Motivates employees Strategic planning establishes where a company is going over the next year or so, how

Business - Management Strategic Management Process/Vision, Goals, Objectives "The mission of Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit" (Southwest Airlines, 2011). A mission statement defines the company's purpose and primary goals. Its main function is internal to classify the key measure or measures of the company's achievement and its prime viewers are the leadership team and the

If Brookdale is able to reduce its operating costs, the company should be able to capitalize on the growth opportunities that the next few years and a rebound in housing prices will represent, allowing it to return to profitability, a track that it should be able to carry for several years or even decades. The company has reasonable power over its suppliers, and its size allows it to offer prospective

Some or all such authority may be in fact unlimited. This is when a committee can counterbalance authority and diffuse power within an organization since effectively only a small faction is making important decisions. The best use of committees is to have limited power to make decisions but have unlimited power to make recommendations on how things should be done. 2. Identify the initial issue that should always be thoroughly