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Analyzing the Strategic Management Process: Key Components and Challenges

This paper examines the strategic management process, focusing on its key components and the challenges organizations face in its implementation.

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    Analyzing the Strategic Management Process: Key Components and Challenges Note: responses to classmates are in different colors; original answer is in black What are the major components of a strategic management process? Which of these components is the most difficult for managers to perform? Explain your answer. The major components of a strategic management process involve the vision and mission, objectives, strategies, implementation, and evaluation. When it comes to the vision and mission, the formulation of the vision leads to the mission. Within this component, the business is also more clearly defined as far as its focus and how it will be established. Within the objectives component, the mission is essentially made into both long term and short term performance objectives. Additionally, measurable statements and specific time periods are defined. Strategies are then developed in order to fulfill the objectives. Implementation involves actually going through with the plan. It requires appropriate motivation, structuring, and rewarding. It is also important to establish a sound budget, as well. The evaluation component is basically a process of review in which the aforementioned components are observed and modified accordingly. I believe the implementation component is typically the most difficult for managers to perform due to the fact that it requires the most action. It is somewhat easy to come up with ideas; it is much more difficult to actually go through with them. In this capacity, I feel it is integral to assess the organizational culture before deciding the management structure that needs be utilized in order to complete a project. I

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