Ria Claire Miserali Strategic Management BSA 3-1 Task 2 What is the Strategic Management Process. Explain each part. The Strategic Management Process consists of four steps that are carried out to improve the performance of the organization. The strategic management process defines the organization's strategy and also includes the decisions that managers make in order for the organization to operate efficiently. Environmental scanning, strategy formulation, strategy implementation, and strategy evaluation are the four steps in the strategic management process. To begin, environmental scanning entails analyzing and assessing the environment in which the organization's operations will take place. This entails the process of gathering and disseminating information, which will serve as the foundation for assessing the internal and external factors that affect and influence the environment in question. The possession and use of information about events, patterns, trends, and relationships within an organization's internal and external environment is referred to as environmental scanning. It assists managers in determining the organization's future direction. The organization's work on the environment does not end once they have finished analyzing it because they must constantly look into the changes that will occur in order for the organization to keep up with these changes and strive to improve it at all times. Following that is strategy formulation, which is the process of developing a set of ideas. This entails deciding on the course of action that the organization will take to achieve their goals and objectives. Following a thorough examination of the environmental factors, the strategy is developed. Furthermore, Strategy implementation refers to the process of making the strategy's objectives function as intended or putting the organization's selected strategy into implementation. Strategy implementation entails designing the organization's structure, allocating resources, developing decisionmaking processes, and managing human resources. Finally, strategy evaluation is the final step in the strategy management process. Evaluating the organization's strategies for achieving its goals is a necessary step for the organization to take. Evaluating will assist in determining which strategies and techniques are working for the organization in order to achieve such enhancements in the business as possible. Appraising internal and external factors at the root of current strategies, measuring performance, and taking remedial/corrective actions are the key strategy evaluation activities. Evaluation ensures that the organizational strategy and its implementation meet the objectives of the organization. In a nutshell, strategic management is an important part of an organization's plan for achieving their desired objectives and the future state of the business. This also provides direction as well as specifications to the organization for the betterment of the company's operations, which is why every company should recognize the significance of the strategic management process.
