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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 statement is critical in the determination of what an organization wants to become (Harrison, 2012). Well-defined goals give the company direction with regard to what it seeks to achieve in then short, medium, or long-term. The second component of the strategic management process according to Hill and Jones (2010) is the analysis of the external competitive environment of an entity in an attempt to identify not only the available opportunities but also the possible threats. It is important to note that while...
In that regard, the relevance of conducting an analysis of the external competitive environment of an entity cannot be overstated.
The third component of the strategic management process in this case is the analysis of an entity's internal operating environment in an attempt to highlight the said entity's weaknesses and strengths (Hill and Jones, 2010). Factors a business entity could take into consideration in this case include but they are not limited to quality of products, skills of employees, pricing, costs of production, etc. The fourth component in this case has got to do with the selection of "strategies that build on an organization's strengths and correct its weaknesses in order to take advantage of external opportunities and counter…
References
Harrison, J.S. (2012). Foundations in Strategic Management (6th ed.). Mason, OH: Cengage Learning.
Hill, C. & Jones, G.R. (2010). Strategic Management: An Integrated Approach (9th ed.). Mason, OH: Cengage Learning.
Medivision (2008). Focus on Business: Strategic Management. Retrieved from http://www.focus-on-business.com/html/strategy.htm
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