Question

Explain the importance of strategic management process to the strategic leaders of the
firms. Minimum 600 Words is must. - Followings points to be discussed.

-Explain strategic management process

-What is it? Include diagram

-What do you mean by globalization? Find good referencing; discuss removal of trade barriers, legal barriers

-Innovation means?

-Sustainability means?

-Write the conclusion

Answer 1

Strategic management is a process of continuous planning, organizing, controlling and monitoring, analyzing and assessing all the factors which are essential for an organization in order to achieve the defined goals and objectives. Strategic management is highly essential for the success of the organization as it helps the organization to plan, monitor and control all the aspects of the business of the organization. Therefore, the strategic management process is very significant for the leaders of the organization. With the help of strategic management, the leaders of the organization can develop a strategic vision for the organization. Setting a strategic vision for the organization is also essential as it provides a definite path to the organization to achieve its goals and objectives. Strategic management process also helps the leaders of the organization to set the objectives for the business. The leaders of the organization can also formulate as well as implement strategies to achieve the defined goals and objectives. With the help of developed strategies, the leaders of the organization can also take corrective measures to deal with the deviations in order to achieve the strategic intent of the organization. Strategic management process is also necessary for the leaders of the organization to gain competitive advantages in order to outdo and outperform the key competitors in the market. Considering the level of competition in the market, it has become essential for the organization to gain competitive advantages. Strategic management also acts as a guide for the leaders of the organization to help the organization in surviving for a longer period of time and deal with the changes in the business environment. With the help of the strategic management process, the leaders of the organization can effectively implement the change within the organization which is the need of the time. The leaders of the organization can internal and external environment of the organization which helps in avoiding any unforeseen contingencies. Therefore, it can be said that the strategic management process is very important for the leaders of the organization.

Strategic management process

Strategic management is a process which starts from strategic intent and ends with a strategic evaluation. There are four elements in the strategic management process such as strategic intent, strategy formulation, strategy implementation, strategy evaluation. The strategic intent of the organization includes establishing the vision of the organization, designing mission and setting objectives. Strategy formulation includes performing the organizational and environmental appraisal, making strategies, preparing a strategic plan to achieve the goals and objectives of the organization. Strategy implementation includes putting defined strategies into action or practice and managing functional and behavioral implementation. Strategy evaluation includes evaluating the effectiveness of the plan and strategies and exercising control as well as recreating strategies if required.

Strategic Evaluation Strategic Intent Strate Formulation Strategy Implementation Vision Mission Objectives SWoT . Project Analysis and assessment analysis level strategy strategy Strategic plan Procedural . Resource Allocation Structural Behavioral .Corporate- .Business-level Strategic Control

Globalization means the borderless world in which businesses start working on a global scale without any trade barriers and legal barriers. However, there are some formalities which every business needs to fulfill in order to enter into the global market (Hirst et al., 2015). Globalization allows free-flow of goods and services along with human and other resources. Globalization has removed trade barriers as well as legal barriers for the businesses to go overseas.

Innovation can be simply defined as a new idea in the form of a method or a device. It is an application of a better solution to a problem in order to meet the new needs and requirement.

Sustainability can be defined as a process of avoiding depletion of the environment and maintaining changes in a balanced environment. It allows the exploitation of resources at a certain level at a certain rate.

In the end, it can be concluded that the strategic management process is the key to success as it helps the leaders of the firm to develop effective strategies to outdo the competitors. It helps in gaining competitive advantages against the competitors. Globalization means integration of the countries to boost the business by eliminating trade and legal barriers. Innovation is the new idea and sustainability means working towards the environment.

References

Hirst, P., Thompson, G., & Bromley, S. (2015). Globalization in question. John Wiley & Sons.