What Are The Five Major Tasks Of Strategic Management?

Question

What Are The Five Major Tasks Of Strategic Management?

2 Answers

Answer Question

Answer 1

1) develop a vision and a mission
-they need to be short, clear and understandable. Be the main goal driver for the business. For example Disney 'to make people happy'.

2) setting objectives
Short term & long term objectives. These need to be measurable.

3) crafting a strategy
Macro and Micro economic analysis. Use of the different models such as SWOT, PEST/LE, BOSTON MATRIX, ANSOFF MODEL. There are others which can be used for the formulation of strategies such as Mintzberg (However covering this as an assignment I didnt find that model useful. That is my opinion). Covering the internal and external environments through the use of Porters five forces.

4) implementation and excustive strategy

5) evaluating performance, reviewing the situation & initiating corrective adjustments

Answer 2

There are five major tasks, the combination of which, concludes the process of Strategic Management. The first and most important step is to establish a strategic vision- that is to determine where the organization would be heading in a certain amount of time. Second in the line is the phase of crafting objectives that will help the organization in reaching its vision. Next in the line is the stage of formulating strategies that will espouse the objectives and help the company achieve the desired results. The penultimate task is a very crucial one as it is inclusive of implementation of the strategy, marking the practical outset of the process. Last step in the array is evaluation of the outcomes. In other words, the results would be assessed and measured against the expected outcomes and the level of compatibility will be measured. The combination of all these five steps constitute the process of Strategic Management.