Strategic Management Process

Organizations develop some form of a strategic anxiety plan to enter, maintain, or continue to enhance their position with other competitors at heart their industry. The primary goal of any organization is to provide a carrequartette or service to produce a profit. Though the objective frame the same regardless of the organization, the strategic worry litigatees may vary. Prior to describing the components of a strategic management process, one must premiere understand the commentary of strategic management.Strategic management is a set of managerial decisions and actions that determines the long-run murder of a corporation (Wheelan & Hunger, 2010). The concept of strategic management allows a family to set goals in order to secure sustainability for the future. There be four steps in a strategic management plan spot abbreviation, outline formulation, strategy implementation, and strategy evaluation (Whelan & Hunger, 2010). These steps are performed in this specific ord er when developing a new plan of management.Situation analysis involves reviewing the internal and external environment as well as the organisational framework of a partnership. When focusing on internal environment of a company one must focus on the different on the job(p) relationships within the organization. To analyze the external environment would include evaluation of relationships the company has with its customers, suppliers, creditors and competitors. (Coulter, 2005). The second step in strategic management plan is strategy formulation. In this step the strategies for the company are develop focusing on its strengths.Strategy formulation can be categorized into three organizational levels operational, competitory and corporate (Coulter, 2005). Strategy implementation is the next step. In this step the strategies that were formulated in the previous step are put into action. This includes development of direct procedures necessary to implement the strategies set forth. To be successful the problems should be prioritized found on the seriousness of the issue and should focus on the cardinal issues first (Coulter, 2005). The final step is strategy evaluation. In this step the entire process is under scrutiny.This includes how the strategy was executed and the effectiveness of it. In this step convinces are made as necessary. For example if goals were not met the strategy should be modified (Coulter, 2005). The Internal Revenue Service began using a strategic management plan in 1985. They use the plan to fulfill the requirements of the Government consummation and Results Act of 1993. As part of the strategic management process The IRS plans and budgets, develops measures, implements the plan, and evaluates the results (http//govinfo. library. unt. edu/npr/library/studies/caseirsa. pdf).In conclusion a strategic management plan is a never-ending process and is important to the successful future of a company. Strategies will change as objective s and goals change. The use of a strategic management process is important to the sustainability and longevity of a company. References Coulter, M. (2005). Strategic Management in Action. (3rd ed. ). Upper lodge River, NJ Pearson Prentice Hall. http//govinfo. library. unt. edu/npr/library/studies/caseirsa. pdf Wheelen, T. L. , & Hunger, J. D. , (2010). Concepts in strategic management and byplay policy (12th ed. ). Upper Saddle River, NJ Pearson Education