Category: Management

Strategic management process (6 steps),”Six-step process:STEP 1: Identifying the organization’s current mission, goals and strategies. Mission: statement of purpose. Every organization needs one. This forces managers toidentify what it’s in business to do. It’s also important to identify current goals andstrategies so managers have a basis for assessing whether they need to be changed.STEP 2: Doing an external analysiswhat the competition is doing, what pendinglegislation might affect the organization, etc. Managers should analyse the environment to see both negative (threats) and positive (opportunities) trends and changes, and respond on it.STEP 3: Doing an internal analysisProvides information about resources and capabilities. Resources are an organization’s asset that is uses to develop, manufacture and deliver products. Capabilities are the skills and abilities needed to do the work activities in its business. The core competencies are the major value creating capabilities in the organization. The internal and external analysis combine into a SWOT analysis.- STEP 4: Formulating strategiesHere, managers should consider the realities of the external environment and their available resources and capabilities and design strategies that will help an organization achieve its goals. Three types of strategies: corporate

Management

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