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The major components of a strategic management process are:
1. Situation analysis: Most important piece of strategic management. Observes the overall aspects of the company, including how employees interact. Interactions between customers, competitors and any other business interactions that the company might have. In this component, the manager should understand where the company is lacking and needs improvement.
2. Strategy formulation: A manager will determine what the strengths of the organization are. "Strategies can be operational, competitive or corporate, depending on which part of the organization must implement them".
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3. Strategy implementation: Once you have the strategy formulation completed. This strategy implementation puts the strategy into place. Managers should execute ways to acheive these strategies and the order that the strategies should be completed.
4. Strategy evaluation: Analyze the results of the strategy. Similar to situational analysis to determine if a new strategic plan needs to be formed.
Which component is the most difficult for managers:
The component that is most difficult for managers is probably strategy implementation. It may be difficult for managers to execute a plan after they formulate it. Sometimes a company will have a good idea but are unable to execute that idea effectively. Other reasons it may be difficult is that the idea is good, the formulation of the idea is good, but the manager does not have the proper tools or the proper staff to implement the ideas into the organizations goals.
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