Strategic Management Process Essays

Strategic Management Process Essays Strategic Management Process Paper Strategic Management Process Paper Running head: STRATEGIC MANAGEMENT PROCESS Strategic Management Process MGT 498 In the following paper the strategic management process will be discussed. First to be described will be the primary components of a strategic management process. I will also indicate why a strategic management process is needed for a company. Finally I will research Apple and describe their strategic management process. The first step to strategic management is 1. Developing a strategic vision. The management or leader must come up with a vision for the company. This vision should focus on where management wants the company to be in five years. â€Å"A big first step in developing the strategic vision is to create a mission statement. The mission statement should define what an organizations purpose is and what it hopes to accomplish in the future. The corporate identity begins to take shape when the mission statement captures the strategic vision of leadership† (Akbar, 2008). The second step is setting objectives. This step puts the mission statement into action. It gives employees something to work toward. The third step is crafting strategy to achieve objectives. Management needs to develop a strategy for all employees to follow to reach the companies goals. The management needs to take into consideration all aspects of the goal including competitors. The fourth step is implementing ; executing strategy. This step is when the plan will hit the streets. Management has to make sure the plan fits with the company. The final step is evaluating and correcting. A good team is always looking for ways to improve the company. The plan must constantly be looked at for improvements. One company that has a good strategic management process is apple. Steve Jobs and Steve Wozniak founded Apple in 1976. Apples mission statement is as follows: â€Å" Apple is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers globally through innovative hardware, software and Internet offerings† (Apple, 2011). By following this mission statement apple has the most dedicated and loyal customer base. With profit growing every day and consumers waiting in line for hours for the hottest apple product is incredible. There are only a few items that people will wait in an outrageous line for: 1. Black Friday Sales 2. Apple products. It is extremely hard to keep inventing new products to keep customers happy but apple seems to know the trick. Apple has a great strategic process that is monitored closely. If there is new technology to be invented apple is going to invent it. Any company that wants to succeed has to implement a strategic management process. If a company hires a good management team that follows thru with objectives and is a great leader the company will succeed. Any company has to monitor competition closely and always be one step ahead. If a company can be successful they have a good chance of following in apples footsteps. One does have to remember that apple just recently has been reinvented, everyone should have look on the bright side. Reference Akbar, M. (2008). Elements of the strategic management process. Retrieved from helium. com/items/844145-elements-of-the-strategic-management-process? page=2 Apple. (2011). Apple Infor. Retrieved from apple. com/about/