“STRATEGIC MANAGEMENT PROCESS”
Subject- Retail Strategy
Abbas Hussain Rayini
(MBA Retail Management)
“Strategic management process is a business model. Under this model strategic planning becomes a deliberate process in which top executives periodically would formulate the firm’s strategy, then communicate it down to the organization for implementation.”
The strategic management process
This process is most applicable to strategic management at business unit level of the organization. For large corporations, strategy at the corporate level is more concerned with managing a portfolio of business.
The company’s mission is its reason for being. The mission often expressed in the form of mission statement, which conveys a sense of purpose to employes & projects a company image to customers. In the strategy formulation process the mission statement sets a mood of where the company should go?
Objectives provide a clear structure for all of the various activities that an organization carries out. By measuring how well an objective has or has not been achieved, managers can make necessary changes to their activities to ensure progress and achievements of the stated objectives are made within the timescale allocated.
Once the firm has specified its objectives, it begins with current situation to device a strategic plan to reach those objectives. Changes in the external environment often present new opportunities. An environmental scan is performed to identify the available opportunities. The firm also should know its own capabilities & limitations in order to select the opportunities. The situation analysis therefore involves...