Strategic management, to my point of view, is the process of making and refining both steps and decisions that should be done to gain the organization’s aims.
Strategic management may only considered to be complicated, but in fact, once you find out the basic steps, you will be wondering each time how anyone might possibly get them wrong or may consider these steps to be difficult.
According to Bushman, the strategic management has four main steps. (Bushman, 2007)
So, the first, the main, step in the strategic management is to make a detail analysis of the current situation, providing the information to create an exact statement of the company’s mission. In other words, this situation analysis is a so called scanning and evaluating of the company’s idea, involving both internal and external factors. (Coulter, 2005, p. 6)
In addition, after observing the company’s internal and external environment, you should compare these two aspects to see the whole situation. Maybe you will need to redefine or restate some objectives, aims and vision of the company, after that you should develop an action plan to make all these become a reality.
According to Squidoo, the second step is planning of the ultimate strategy, featuring its both designing and developing. (The steps in strategic management)
The strengths aids of strategy formulation of the company should be determined. The strategy formulation usually consists of three organizational levels, they are: operational, competitive, and corporate. Besides, you should also look your available resources, and then you are to determine whether there must be some changes, and in addition, it is very important to design both the tasks and responsibilities. You should also be ready for any possible case that may affect the company.
Anyway, CSSP, Inc. reports that you should not forget that without planning you are likely to fail. (CSSP, 2007)
The third step is performing the plan, meaning to put the strategy into practice. To execute the strategy, try to develop steps as well as procedures and methods.
Finally, the fourth step is the evaluation of the strategy. So, you should examine the strategy’s implementation and of course, the strategy’s outcomes.
Anyway, when you have to succeed, you should follow these four steps. And besides, there is one more thing that should not be forgotten- in order to have the long term success; you should repeat the process of the strategic planning process.
1. Bushman, M., (2007), The major elements of the strategic management process. Retrieved April, 30, 2011, from http://www.associatedcontent.com/article/196677/the_major_elements_of_the_strategic_pg3.html?cat=3
2. Coulter, M. (2005), Strategic Management in Action. (3rded.). Upper Saddle River, NJ: Pearson Prentice Hall.
3. CSSP Strategic Management: 3 steps to the cycle of success, (2007), Compass points. Retrieved April, 30, 2011, from http://www.strategyletter.com/cp_0199/FeaturedArticle.php
4. The steps in strategic management, squidoo. Retrieved April 30, 2011, from http://www.squidoo.com/strategicmanagementsteps