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Strategic Management Process Paper
Mayra Aida Arzac Perez
MGT 498
September 7, 2013
Cheryl Boehm
Strategic Management Process Paper

Strategic plans are created are created to provide organizations with the objectives needed to achieve long term goals. The organizations analyses the business and determined were the opportunities and strengths lie. Organizations utilize the S.W.O.T analyses in order to help them understand how the strategic plan will be created ad implemented. The organization will evaluate the information, data and previous company results in order to create the plan. Strategic plan follow by strategic management which “set of managerial decisions and actions that determine the long run performance of a corporation”(Wheelen & Hunger,  2010).

Organizations use strategic management to maintain a competitor edge within the industry by consistently analyzing and revising the industry and company as a whole. Strategic management looks at its competitors and threats by using the S.W.O.T analyzes in order to create this plan. Strategic management includes “environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control”(Wheelen & Hunger,  2010). Companies utilize strategic management to help them determine what is needed and implement the plan in order to stay competitive. As the economy changes and maintaining a competitive edge become more difficult companies use strategic plans are crucial to the organizations success. Companies are seeing increase in costly mistakes that arise from not implementing the strategic plan precisely. “As managers attempt to better deal with their changing world, a firm generally evolves through the following four phases of strategic management; basic financial planning, forecast-based planning, externally oriented (strategic) planning, strategic management” (Wheelen & Hunger,  2010). In basic planning...
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