Strategic Management Paper
Univ of Phoenix
475 Brandan Krieger
February 10, 2014 Strategic Management Paper
Strategic management is collection of activities and processes that companies use to strategically coordinate resources and activities with the vision and mission statement throughout the organization. The purpose of this management plan is to put a plan into action and then have valuable feedback so the plan can be reevaluated as the external and internal dynamics evolve. At its core this is just the concept of having some feedback controls to evolve the plan to changing variables. This helps organizations to meet with the challenges with better focus and strategy.
Purpose of strategic …show more content…
Vision statement: This is a brief statement for future plans of the company. It’s more like a 5 year short term plan. The difference between mission and vision statement is that mission statement encompass longer time period.
Guiding principles: These principles are set by organization to stick with. These usually include ethical or environmental obligations of the company. They are the guidelines which are rarely changed over time.
SWOT Analysis: SWOT analysis is an environmental scan by the organization. It basically tells the organization about it strengths, weaknesses, opportunities and threats. This is the data gathering from both the internal and external factors influencing the organization. This data is then put into a SWOT matrix and then further used in planning.
Competitive advantage: The SWOT analysis shows the planners and managers in which the organization has edge over its competition. It might also include plans to further improve in certain direction or use different competitive strategy to capture greater market share. This competitive advantage is used by organization to make their products stand out from the rest.
Strategic objectives: After realizing the competitive advantage the planner then set their tangible goals and objectives. This includes