write 150 word analysis on each of the follwing topics using strategic business
ID: 423380 • Letter: W
Question
write 150 word analysis on each of the follwing topics using strategic business terminology (vision, mission, goals, objectives, specific objectives, internal and external scanning):
-Describe and define the primary compononets of strategic managment process?
-descrine and define internal and external analysis
-Describe and define the rsponisbilities and duties of the strategic manager?
-explaing why companies need strategic managment planning.
Cite 3 scholarly references, including at least two peer-review references from the university of phoenix library with in-text reference:
Explanation / Answer
Answer 1:
Environmental Scanning
The first step in the strategic management process is environmental scanning, sometimes referred to as simply “scanning.” It referes to a process of collecting, scrutinizing and providing information for strategic purposes.
Strategy Formulation and Implementation
Strategy formulation is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose. After conducting environment scanning, managers formulate corporate, business and functional strategies.
Strategy Evaluation
Strategy evaluation is the final step of strategy management process. The key strategy evaluation activities are: appraising internal and external factors that are the root of present strategies, measuring performance, and taking remedial / corrective actions.
Ongoing Communication
Each of the three components of strategic management requires excellent, consistent communication to make sure the company’s objectives are met.
All the stakeholders in a business must communicate well with each other. Ideally, this communication should offer each party the opportunity for input. This includes not only a business’s employees but also relevant external stakeholders as well.
Answer 2:
Answer 2:
Factors both inside and outside the company can influence a business. Managers are usually familiar with what’s going on inside their companies, so internal factors may be more obvious initially. For example, if your company is experiencing an unusually high rate of employee turnover, it's an issue management needs to address. Other kinds of internal factors include sales data, productivity rates and profit margins.
External factors may take a little more effort to find and process. Smart managers try to stay on top of industry news and data, since these factors may predict or reflect changes that will sooner or later hit their companies. Other external factors that should be scanned include overall data on the economy, the target market and the company’s competitors.
Each of these factors – internal and external – can become part of a thorough SWOT analysis. This is a strategic review of a company’s strengths, weaknesses, opportunities and threats. SWOT analysis helps give a company a more accurate snapshot of where it fits into the industry and the economy as a whole and identifies steps it can take to grow and improve its financial health.
Answer 3:
The results of strategic management should be tracked and measured regularly for any required adjustments.
Strategy and strategic management are broad concepts that underlay many business management concepts and knowledge areas. Corporate entrepreneurship, leadership, accounting & finance, marketing, operations, HR, corporate governance and data analysis all converge in strategic management to develop the future of the organization.
Strategic project managers focus on achieving business results. By focusing on improving customer satisfaction, beating the competition and analyzing market data, strategic project managers ensure long-term success and profitability. Instead of focusing on short-term results, such as meeting deadlines and operating within the budget, strategic project managers have a long-term perspective.
Main Conceptual Roles For Strategic Management as Follows:
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