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What are the major components of a strategic management process? Which component is most difficult for managers to perform
` The Strategic Management Process defines the organization’s strategy. In order to achieve better performance strategic management is implemented and it is continuous process. The strategic management process involves mainly with four componenets i.e. Environmental Scanning, Strategy Formulation, Strategy Implementation and Strategy Evaluation. It means strategic management process involves sequential steps to produce ultimate output and the output is associated with the organizational objectives. The project is ongoing process and each component interacts with other components.
In the stage of Environmental Scanning, different information is collected and analysed so that the management able to evaluate for further decision making. During the stage of Strategy Formulation, the management uses the infomation and objectives of organisation to formulate the Strategy. The Strategies may be corporate, business and functional. In the third stage, the formulated strategy is implemented. It includes design of organizational structure, distributing resources, development of decision making process and managing human resources. At the end i.e. Strategy Evaluation stage, the management evaluate the strategy implemented and measure the performance. The management also takes remedial measures or corrective actions to get improved results.
Out of the components above, the Stategy formulation is more difficult. Becuase, the management should take the relevent information fron enviromental scanning and should formuatlate a strategy that will address organizational objectives. The objetives of the organisation may have number of attentives i.e. profit making, addressing welfare legislations, tax laws, environmental legislations, corporate laws etc. Addressing all such laws and goals of organisation into one area i.e. Strategy will be more difficult.
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