Strategic Management Process Paper
MGT/498
December 21st, 2013
Strategic Management Process Paper
There are five stages of the strategic management process. These stages are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring or evaluation and control. These stages are the philosophical approach to business and not just a set of rules to follow. The strategic management process is needed to make sure everyone within the business has an understanding of the strategy and are on the same page with the overall goal for the company (“Chron”, 2013). The following paper will discuss these stages as well as give an example of an existing company and what strategy they used.
The purpose of the goal setting stage is the clarification of the vision of your business. Analysis is important because the information that is gained from this stage is used to shape the next two stages (“Chron”, 2013). Strategy formulation is the first step in forming a strategy and involves the determination of what resources the company has to help reach the desired goals of the company. Strategy implementation is the action stage of the process and is critical to the success of a business venture. Finally, the evaluation and control stage includes the consistent review of internal and external issues and the corrective measures that they require.
Strategic management is important for every business, as it determines its success in the market, in its formulation and implementation of projects. British Airlines is no different in developing a strategy (“Bizcovering.com”, 2013). One of the strategies used by airlines is alliances or merges. This strategy was adopted by the British Airways for better service. On March 31, 1924, Britain’s four airlines, namely, Instone, Handley Page, Daimler Airways, and British Air Marine Navigation merged to form Imperial Airways (“Bizcovering.com”, 2013). This move is advantageous for the airline to service…