week one

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Strategic Management Process The process of strategic management (formerly called “business policy”) defined as “a set of managerial decisions and actions that determines the long-run performance of a corporation” (Wheelen & Hunger, 2010, p. 5). “It is also defined as the process by which managers make a choice of a set of strategies for the organization that will enable it to achieve better performance” (Management Study Guide, 2013). The basic concepts of the strategic management process, allows an organization to maintain sustainability and set objectives for the future of the organization. All organizations develop some form of strategic management in order to enhance or maintain its competitive edge or position in their industry. The processes of strategic management in many organizations may vary, however, their goals and objectives are the same, to provide a service, or product that generates profit. An organizations long-standing performance is typically contingent on the decision-making process and actions, including both external and internal environmental scanning, control, evaluation, strategic formulation, and implementation. These are the primary components and are significant to the idea of strategic management process. Strategic management “emphasizes the monitoring and evaluating of external opportunities and threats in light of a corporation’s strengths and weaknesses” (Wheelen & Hunger, 2010, p. 21). The process for strategic management is comprised of four key components: • Environmental scanning o “Is the monitoring, evaluating, and disseminating of information from the external, and internal environments to key people within the corporation” (Wheelen, 2010). To classify strategic influences an or... ... middle of paper ... ...e during the economic fall in 2008 ("Business and Management Case Studies”, 2012). Adopting and maintaining strategic management will ensure that Apple Inc. will maintain the competitive advantage while incorporating innovation. Apple will need to continue to monitor global economic conditions and future regulatory political climates in their strategic planning. Works Cited Business and Management Case Studies. (2012) Apple’s Innovation Strategy. Retrieved from http://www.casestudyinc.com/apple-innovation-strategy Management Study Guide. (2013). Strategic Management Process - Meaning, Steps and Components. Retrieved from http://managementstudyguide.com/strategic-management-process.htm Wheelen, T.L., & Hunger, J.D. (2010). Concepts in strategic management and business policy (12th ed.). Retrieved from The University of Phoenix eBook Collection database.

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