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Mgmt 498 Week 4 Essay

579 words - 3 pages

Strategic Management Process Paper
Misty DeMoss
MGMT 498
September 24, 2013
Dennis Hoerr

Strategic Management Process Paper
      Strategic management is an essential process for managerial decision making. This process helps a company determine what planning and implementing actions that may determine a company’s long-term performance. The basic model for strategic planning consists of the four basic elements: Environmental scanning, strategy formulation, strategy implementation, and evaluation and control. By companies conducting internal and external scanning of the environment they are able to make better observations of what the company actually needs to implement. This paper will describe the primary components of a strategic management process, indicate why a strategic management process is needed, and describe the process Ford Motor company uses.
      Primary Components of Strategic Management
  ...view middle of the document...

The four phases are: Phase One – Basis financial planning; Phase Two – Forecast – based planning; Phase Three – Externally oriented (strategic) planning; Phase Four – Strategic management. All of these characteristics are relatable to the concept of strategic management, which emphasizes “the monitoring and evaluating of external opportunities and threats in light of a corporation’s strengths and weaknesses” (Wheelen, 2010).
Why Businesses need a strategic process
A business would need strategic management plan in place to help them sustain long-term performance. Companies that do not practice strategic management have a difficult time to attain and sustain long-term goals that have been set for the company. Strategic management also helps a company realize what the environment is doing around them and will help them set the short-term goals to keep things together and keep on track. Companies that do not use this strategic management process will soon experience failure soon after they worked hard to achieve short term goals because they are not following a process that is always on tract.
Strategic Process for Ford Motor Company
Ford is the second largest auto dealer in the US, and the second largest vehicle market in the world. This company has been in business for over 4o years and has been able to maintain a great reputation in the market for having strong commercial vehicles and automobiles. Ford is able to capitalize on their strengths and weaknesses and keep a good look on the internal and external controls of the company that make this all possible. The strategic process that Ford is currently using is the SWOT analysis process. This process has been in place and has helped them not only stay steady and be one of the leading car manufactures in the world but also keep abroad on the ever changing environment.
Conclusion
In conclusion, every business that wants to be productive needs to have a strategic process in place to keep tract of the environment around them.

References
Wheelen, T. L., & Hunger, J.D. (2010), Concepts in strategic management and business
Policy: Achieving sustainability (12th Ed.). Upper Saddle River, NJ:
Pearson/Prentice Hall.

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