I don’t know how to handle this Management question and need guidance.
Discuss how you will apply the strategic management process in your Strategic Plan? Address the three stages of the strategic management process. How will this help you achieve the goal of producing above average returns for your selected organization? Provide specific examples.
apa, it just needs to be 100 words. 1 scholarly reference.
Respond to this response:
Strategic management is essentially a company’s game plan. Without a successful strategy a company has no competitive edge in their market. It is broken down into three stages which include:
- Strategy formulation: this is where the organization will develop a vision and mission, identify external opportunities and threats, determine internal/external strengths and weaknesses, establish long-term objectives and creating alternate strategies (David, 2016).
- Strategy implementation: this step includes seeking out annual objectives, devising policy, motivating employees, and allocating resources (David, 2016).
- Strategy evaluation: evaluate the strategy to make sure it is working, make modifications where necessary (David, 2016).
This process will help be my guide in ensuring successful implementation of my mission and vison for my department. It will help me to use the proper methods to gain a competitive edge and assist my employees with being more successful in their day-to-day functions. I will be able to develop strong goals that will challenge my employees and give them the ability to work toward something great.
Prior to my current position I took over a department with the same company and they struggled to get their work done. After some evaluation I decided to create a mission and vision for the department. I sat down with them all and told them of the goals moving forward. Within 1 year the efficiency of the department increased 50% and by two years 100%. Our department was the most efficient in the organization. Fast forward two years and the organization moved me to a new department, and I am essentially in the same situation. My plan for this department will be to create a mission and vision to start. I will then evaluate further to see where we need to improve and set attainable goals for the department. There is much work to do, but in the end it will be worth it.
David, F.R. & David, F.R. (2016). Strategic Management Concepts and Cases. Retrieved from http://gcumedia.com/digital-resources/pearson/2016/strategic-management_a-competitive-advantage-approach-concepts-and-cases_ebook_16e.php