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For any company aspiring to achieve success, the formulation of a comprehensive plan, a clear purpose, and well-defined goals is imperative. Embracing strategic management serves as the cornerstone of a successful organizational model, providing both the entity and its managers with a defined course of action. According to Wheelen and Hunger (2010), strategic management encompasses a set of managerial decisions and actions that ultimately shape the long-term performance of a corporation (p. 5). This essay delves into the importance of strategic management, elucidating how it empowers managers to navigate the dynamic business environment adeptly.
By offering a logical, objective, and systematic approach to decision-making, strategic management not only enhances adaptability but also contributes to improved performance, establishing a formidable competitive advantage.
At the heart of successful businesses lies the Strategic Management Model, a widely employed framework comprising distinct phases and components. Commencing with the articulation of a company's mission and vision statements, this model aims to encapsulate the organization's values and purposes.
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The model encompasses five integral elements: environmental scanning, strategy formulation, strategy implementation, evaluation, and control.
Environmental Scanning: This initial phase involves gathering information from external opportunities and threats, including the natural, societal, and task environments. Simultaneously, internal strengths and weaknesses, such as structure, culture, and resources, are assessed. A holistic understanding of these factors lays the groundwork for informed decision-making.
Strategic Formulation: Following environmental scanning, the strategic formulation stage entails the development of long-range plans that encompass the mission, objectives, strategies, and policies of the company. This forward-thinking approach ensures alignment with overarching organizational goals.
Strategy Implementation: With a strategic plan in place, the subsequent step involves translating these strategies into action through the implementation of programs, budgets, and procedures.
This phase bridges the gap between planning and execution, fostering a seamless integration of strategic initiatives into the organizational fabric.
Evaluation and Control: The final two elements, evaluation, and control, are pivotal as they focus on assessing performance and gauging the actual results of the strategic management process. Rigorous evaluation ensures that the implemented strategies align with organizational objectives, facilitating continuous improvement.
An exemplary illustration of effective strategic management is evident in the practices of Versar, Incorporated (VSR), a publicly traded company specializing in environmental and construction management. Versar's strategic management process is integral to the company's performance, managerial development, and the attainment of long-term strategic objectives.
Renowned for delivering exceptional project and program management services to foreign governments and Department of Defense facilities, Versar operates in diverse domains such as Water, Energy, Air Quality, Waste, Development, Sustainable Training Lands, Transportation, and Procurement. The strategic management process adopted by Versar serves as a guiding framework, aiding management, employees, and clients in planning, developing, implementing, and steering projects and programs towards successful outcomes.
Versar's strategic management process is characterized by a proactive approach to managing risks. Rather than seeking to eliminate risks entirely, the company endeavors to manage them effectively. This approach acknowledges the inherent uncertainties in the business landscape and establishes a framework for navigating challenges while working towards achieving strategic objectives.
Upon a thorough examination of the essential elements comprising a strategic management process, it becomes evident that each component is indispensable for achieving success. When amalgamated thoughtfully, these elements contribute to the formation of a robust strategic management process. However, to mitigate risks effectively, regular scrutiny of these elements is paramount to identify and address the need for modifications.
In the case of Versar, Incorporated, the company stands as a testament to the efficacy of a well-crafted strategic management approach. Through meticulous evaluation of its current processes and the implementation of clear-cut procedures, Versar navigates the complex terrain of global economics with finesse. The company's commitment to strategic management not only propels its progress but also serves as a benchmark for aspiring businesses aiming to carve a niche in the competitive landscape.
Strategic Management: A Blueprint for Success. (2016, Jun 03). Retrieved from https://studymoose.com/strategic-management-process-2-essay
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