Why is Strategy Important to Business? Essay
Why is Strategy Important to Business?
Strategy is based on the trade off made between the different choices that can be aligned with a person’s vision for the future, whether far off or going to happen very soon. This is said to be the foundation of strategy. Business is constantly changing which means resources are becoming scarcer every day. This drives the need for businesses to constantly change and innovate new ways to be successful. Leadership and empowerment to vision is one of the most important tools that will innovate the next generation of product’s that will potentially exceed the consumer’s expectations. Strategic management has four steps to its process. The first step is environmental scanning.
Environmental scanning is the process of collecting and providing information for strategic purposes. This step helps to dissect the internal and external influences on a business. The second step is strategy formulation; this is where the best course of action will be decided. After the managers are finished with the environmental scanning they will formulate the best strategies. The third step is where the managers will work to make the strategy they decided on work. Strategy evaluation is the fourth and final step.
This is where the managers evaluate all of the activities that have been implemented. Strategic management is a process that goes on consistently. All of these steps work together to make the strategies chosen work for the business.
Blankenship, K.(2013).How to Define the Components of Strategic Management retrieved from http://www.ehow.com/print/how_7716792_define-components- v strategic-management.html Spencer, J.(2013). Why strategic Management So Important in Every Aspect of Business retrieved from http://voices.yahoo.com/shared/print.shtml?content_type=article&content_type_id=1893940
University/College: University of California
Type of paper: Thesis/Dissertation Chapter
Date: 7 January 2017
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