MANAGEMENT PROCESSES NEEDED IN A COMPANY
The strategic management process simply means the definition of strategy of the organization. It defined as the process by the set of strategies chosen by the managers for the organization that will be feasible to accomplish greater performance. A continuous process of strategic management appraises the industries and or business which involved the organization, competitors are being appraised, the goals are being fixed, and each strategy is reassessed. There are four components and steps the strategy management processes. First is the environmental scanning, which refers to collecting process, examining, and providing information for strategic purposes. Additionally, it helps to analyze the external and internal factors modifying an organization. Second, formulation of strategy, the deciding method that is much better of act towards conducting the environmental scanning, managers does the formula for business, corporate as well as functional strategies. Third, Implementation of strategy includes the distribution of resources, human resource management, development of decision-making method, and designing the structure of organization. Fourth, Evaluation of Strategy is the strategy management method final step; the key activities are measuring performance, appraising external and internal factors which are the present strategy’s very root and taking some corrective and remedial action.
These components are steps that are in chronological order when a new strategic management plan had been created (management-studyguide.com). There have been some companies that were ranked on top of their industries and then go down and return to the top. There are changes in ranking but I think the only company that stays on top is Johnson & Johnson who stay on top. It is a company of enduring strength. They stay strong by their four strategic principles: our foundation, our strategic principles, our growth drivers and framework of enterprise risk management (jnj.com).
Johnson&Johnson. (2014, June 11). About Johnson & Johnson | Johnson & Johnson. Retrieved from http://www.jnj.com/about-jnj
MSG management study guide. (n.d.). strategic management process meaning steps and component. Retrieved from http://www.management-studyguide.com/strategic-management-process-htm