We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Primary Components Strategic Management Process Essay Sample

essay
The whole doc is available only for registered users OPEN DOC

Get Full Essay

Get access to this section to get all help you need with your essay and educational issues.

Get Access

Primary Components Strategic Management Process Essay Sample

To obtain the most success out of any assignment, whether it is personal or business related, everything all begins with a plan at the highest level. It is often wondered why businesses are so successful, is it good leadership, or great planning. There will be a brief discussion on the four primary components of a strategic management process, and why it is needed for a company.

Strategic management centers on assembling a solid structure for a business that will need also the efforts of other individuals, “process of specifying an organization’s objectives, developing policies and plans to achieve these objectives” (WordIQ, 2010). It takes decisions from all three company levels to make solid strategic decisions, strategic management evaluates a businesses vision, helping understand what is needed to execute and ensure the businesses consistency.

Businesses need to analyze, gather large amounts of information to evaluate and learn from change in the market. Environmental scanning helps businesses scan and uncover issues determining if the market is going as expected, “monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation” (Wheelen & Hunger, 2008, p. 10).

Strategy Formulation is very important to an organization, helps management prepare for the future of the organization in developing strategies. Strategy formulation is the creation of, “plans for the effective management of environmental opportunities and threats, in light of corporate strengths and weaknesses” (Wheelen & Hunger, 2008, p. 12).

Keeping the internal structure of an organization is very helpful for the long-term life of a business. Strategy Implementation keeps the internal areas of a business running, “process by which strategies and policies are put into action through the development of programs, budgets, and procedures” (Wheelen & Hunger, 2008, p. 16).

The final components of a strategic management process are the evaluation and control, the monitoring of performances. Managers use this component to compare real performances with desired ones. To be effective in evaluation and control, managers must acquire unbiased information to, “make adjustments in its strategy formulation, in implementation, or in both” (Wheelen & Hunger, 2008, p. 18).

M&T Bank strives on being the best bank for both its employees and community. It currently has a great vision statement reaching out to the community, “M&T strives to be the best company our employees ever work for, the best bank our customers ever do business with and the best investment our shareholders ever make” (M&T Bank, 2011). By reaching such goals, M&T has been conducting surveys both online and when customers conduct their transactions. This gives M&T bank an understanding of any changes in the market that my impact the organization. They use this information to also deliver excellent customer service and pride themselves on serving consumers on what is important to them and not the bank.

Conclusion

Being a manager or leader takes much pride and involves many tasks. As significant as strategizing a vision for the business, it involves dedication and commitment to succeed in the business world. A successful business will utilize all four components with the assistance of manager and his employees.

Reference:

WordIQ. (2010). _Strategic management_. Retrieved from http://www.wordiq.com/definition/Strategic_management

Wheelen, T.L., & Hunger, D. (2008). _Concepts in Strategic Management and Business Policy_ (11th ed.). Upper Saddle River, NJ: Prentice Hall.

M&T Bank. (2011). _Vision Statement_. Retrieved from https://www.mtb.com/aboutus/Pages/VisionStatement.aspx

We can write a custom essay

According to Your Specific Requirements

Order an essay

You May Also Find These Documents Helpful

A Business Plan for an It Start-Up

The company is an ITES startup that makes apps and websites for third party. The business aims at targeting the lesser exploited markets of grocery stores, schools and medical stores. For doing the on-ground marketing of our services, we have planned to hire a salesman. We’ll train him well and make him enough knowledgeable about our business so that he can give us our potential...

Ethical and Legal Issues Revolving

A civil action film is a based on true life experiences that revolve around the good scenarios and issues that are bound to be tried by legal bodies. It is based on the true stories that were taking part in the year 1980s when the environmental pollution took place and better parts of Woburn. There was the ethical issue revolving around the film as there...

Business Ethics - International Trade Administration

As experts in business ethics, your expertise can be used to help breakdown a situation good or bad. In situations we can come in and erase the bad and replace with good or simple reinforce the good that is being done. In this case, we will be doing a lot of erasing for many reasons. This branch of the bank was not doing what it...

Wace Group’s To Scaling A Business

M&S was highly specific about the quality of paper, size of paper, cuts as well as delivery schedule. Though quality standards and technical skills were forte of Wace Group, yet some of the major changes that the company had to accompany in its order schedule, capacity schedule and delivery schedule. Most importantly were of important concern which on one hand can pose risks to the...

Business Accounting and Assurance Coursework

The conceptual framework has been defined as ‘a coherent system of interrelated objectives and fundamentals that is expected to lead to consistent standards.’ (FASB 1978) Answer the following questions in relation to the International Accounting Standards Board’s Conceptual Framework, 2010. Q1. What is meant by general purpose financial reporting and how does it differ from special purpose financial reporting?​The financial report implies noticing down the monetary exercise...

Get Access To The Full Essay
icon
300+
Materials Daily
icon
100,000+ Subjects
2000+ Topics
icon
Free Plagiarism
Checker
icon
All Materials
are Cataloged Well

Sorry, but copying text is forbidden on this website. If you need this or any other sample, we can send it to you via email.

By clicking "SEND", you agree to our terms of service and privacy policy. We'll occasionally send you account related and promo emails.
Sorry, but only registered users have full access

How about getting this access
immediately?

Become a member

Your Answer Is Very Helpful For Us
Thank You A Lot!

logo

Emma Taylor

online

Hi there!
Would you like to get such a paper?
How about getting a customized one?

Couldn't Find What You Looking For?

Get access to our huge knowledge base which is continuously updated

Next Update Will Be About:
14 : 59 : 59
Become a Member