Mgt 498 Week 1 Assignment
Strategic management is a field that deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the performance of firm in their external environments. (Hambrick, Chen, 2007). It is an ongoing process of managing an organization strategically. In this process management makes a choice of a set of strategies for the company that will enable them to achieve better performance. This process deals with making and implementing decisions about future direction of the company.
The strategic management concerned with the long term planning. The primary elements of the strategic management process are environmental scanning, strategy formulation, Strategy implementation, and strategy evaluation. In the first stage information is gathered about the company environment. The company environment consists of both internal and external environment. The process of gathering information about the company is also kno