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Analyzing the Strategic Management Process: Key Components and Challenges

This paper examines the strategic management process, focusing on its key components and the challenges organizations face in its implementation.

Lily Green
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Analyzing the Strategic Management Process: Key Components andChallengesNote: responses to classmates are in different colors; original answer is in blackWhat are the major components of a strategic management process? Which of thesecomponents is the most difficult for managers to perform? Explain your answer.The major components of a strategic management process involve the vision andmission, objectives, strategies, implementation, and evaluation. When it comes to thevision and mission, the formulation of the vision leads to the mission.Within thiscomponent, the business is also more clearly defined as far as its focus and how it will beestablished. Within the objectives component, the mission is essentially made into bothlong term and short term performance objectives. Additionally, measurable statementsand specific time periods are defined. Strategies are then developed in order to fulfill theobjectives. Implementation involves actually going through with the plan. It requiresappropriate motivation, structuring,andrewarding. It is also important toestablishasound budget, as well. The evaluation component is basically a process of review inwhich the aforementioned components are observed and modified accordingly. I believethe implementation component is typically the most difficult for managers to performdueto the fact thatit requires the most action. It is somewhat easy to come up with ideas; it ismuch more difficult to actually go through with them.In this capacity, I feel it is integral to assess the organizational culture beforedeciding the management structure that needs be utilized in order to complete a project. I

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Business Management

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