Solar Powered Juice Truck Project Components of Strategic Management Process

Strategic management process entails goal-setting, analysis, strategy formulation, strategy implementation and evaluation and control (Clayton, 2013).

The upper management engages in goal setting to enable them clarify the vision of the business. It involves defining short- and long-term objectives, identifying how these objectives are to be accomplished and customizing the process for the organization's staff so that each and every individual does the task he can succeed in (Clayton, 2013). The goals have to be detailed and realistic. They should also match the values of the organization's vision. The final step in this stage involves writing a mission statement that communicates an organization's goals to the shareholders and the staff.

Information gleaned from analysis shapes the next two stages of strategy management process. At the analysis stage much information and data relevant in accomplishing an organization's goal is gathered (Clayton, 2013). Analysis focuses on understanding the needs of the business as a sustainable entity, the business strategic direction and initiatives that help the business...

External and internal issues that affect the organizations goals and objectives should be examined at this stage (Clayton, 2013). Strengths and weaknesses of the organization as well as threats and opportunities must also be illuminated.
Before forming a strategy the management has to review information gleaned from completing the analysis. Resources that a business has that can help it reach the defined goals and objectives have to be brought into perspective at this stage. The management must identify areas where the business must seek external resources (Clayton, 2013). Issues facing the organization have to be prioritized by their importance to the organization's success. Once prioritization has been done the strategy should henceforth be formulated. Because of fluidity of businesses and economic situations, alternative approaches have to be developed to target each step of the plan (Clayton, 2013).

Strategy implementation is the action stage of the strategic management process as it is critical to the success of a business venture. Every employee in the organization must be aware of their duties and responsibilities and how it fits it the organization's overall goal. Funding…