Strategic management is a process that most students pursuing MBA would be acquainted with. According to academic experts on online strategic assignment help, strategic management is the art and science of developing, implementing and analyzing cross-functional decisions. The process assists in the accomplishment of objectives of a business organization.
Now, the management students are expected to be acquainted with the different stages of this process. At times, the process could get too confusing to follow. That’s the reason students seek the guidance of strategic management assignment help.
On that note, here’s a lowdown on the three stages of strategic assignment.
- Strategic Formation
The inception of strategic management process begins with the strategic formation. The activities associated with a specific business are carried out through an impactful strategy. As per the experts on strategic management assignment help, there several factors that businesses have to focus on at this stage of the process.
- Vision & Mission: This involves the objectives of your business.
- Opportunities and Threats: This factor has to do with the external business environment
- Strengths and Weaknesses: This involves determining what the strong elements are and where the business is lagging.
Aside from the above mentioned elements, long term objectives and goals are also set in the strategy formulation. Alternative Strategies can be formulated to accomplish the long-term goals, out of which a particular strategy is selected.
These are some of the essential considerations that should be kept in mind for best strategy formulation.
- Allocation of resources
- Mergers or joint ventures
- Venturing in the foreign markets
- Resistance from take over
- Business expansion
- Business to divest or liquidate
- Strategy Implementation
The second stage of strategic management process is implementation. In this stage, the annual objectives are determined along with the development of policies. Also, businesses focus on executing the formulated strategies from the earlier stage. Strategy implementation involves the following functions.
- Development of proper organizational culture
- Promoting a culture that’s supportive of the strategy
- Preparation of budgets
- Redirection of the marketing endeavours
- Preparation and use of details
- Relating the compensation of employees with their organizational performance
This stage is also known as the action stage of strategic management. In fact, the managers and employees are roped in this phase so that the formulated strategies are put into some action. Strategy implementation stage is the most intricate one among all other stages of strategic management. The stage requires Personnel discipline, and commitment in order to successfully execute the strategies.
The strategy that’s well developed but lacks in execution doesn’t do any good for the business. So, that explains why this stage of strategic management process is so crucial.
- Strategy Evaluation
Strategy evaluation is the last stage of strategic management process. It’s the responsibility of the managers to have adequate knowledge about the issues and the inappropriate working of strategies.
The strategies of management are better carried out through this evaluation process, which offers the required information to the managers. Moreover, factors of external and internal environment change in the course of time. The strategies also need modifications to keep up.
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