Strategic Management Process Paper
Strategic management refers to a set of managerial decisions and actions that determines the long-run performance of a corporation (Wheelen & Hunger, 2008, p. 3). It includes environmental scanning, strategy formulation, strategy implementation, and evaluation and control. The content of this paper will describe the components of a strategic management process and indicate why strategic management is needed in a company, furthermore, a description of how General Electric (GE) uses strategic management process in their company.
Components of a Strategic Management Process
The first component is environmental scanning, which is basically gathering information from external and internal environments to key people within the corporation. Its purpose is to identify strategic factors that will establish the future of a corporation. An easy way of predicting the future of a corporation is through a SWOT Analysis. SWOT is used to describe