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Globalizing Business list references after each part 125 words needed for each part
Part 1: Explain the strategic management process.
Part 2: Describe vision and mission and discuss their value
An Introduction To Strategic Management
Length: 1 pages (275 Words)
An Introduction to Strategic Management
The process is carried out in seven steps as shown below:
1. Define the Current business and vision: The managers should decide what type of business that the firm wants to do. Factors to consider are, what kind of products to sell, where to sell them and how to make them different from those of their competitors.
2. Perform External and Internal Audits: The firm should carry out a SWOT analysis to identify strengths and weaknesses. The SWOT analysis also helps to identify both external and internal threats and opportunities.
3. Formulate New Business and Mission Statements: Based on the current situation of the business, the managers determine what products they will sell, where they will sell them and how to differentiate them with those of their competitors.
4. Transform the Mission into Strategic Goals: The firm managers come up with goals in terms of building strong balance sheets, building shareholder value, maintaining high return rates and balancing the business by geography, customer, and product.
5. Formulating Strategies to Achieve the Strategic Goals: This is a strategy to show how the business will move from its current situation to the business that it wants to be.
6. Implement the Strategies: At this stage, the business managers should transform the strategies into real actions and results. This stage requires management functions such as leading, organizing, staffing, planning, and controlling.