Strategic Management Process

Question 1

What are the steps in the Strategic Management Process

Answer 1

0. value created drives strategy process
1. Developing Mission & Vision
2. Perform Situation Analysis(SWOT)
3. Set objectives and craft strategy
4. Implement Strategies
5. Assess Value Creation and provide Feedback
6. If effective then it creates value

Question 2

Mission is about…

Answer 2

Who we are?
What is our business?
Why do we exist?
Captures fundamental purpose of the organization.

Question 3

Vision is about…

Answer 3

what is our future?
Where are we headed?
what do we hope to become?
Captures general identity, direction and level of aspiration

Question 4

What is the situational analysis (SWOT) comprised of?

Answer 4

Internal Audit:
- Strengths
- Weaknesses
External Audit
- Opportunities
- Threats

Question 5

Setting Objectives

Answer 5

Specifying intended results and tracking progress towards mission and vision

Question 6

Strategy

Answer 6

The means to achieve vision mission and objectives

Question 7

Implementing Strategy

Answer 7

Setting short term objectives
Reexamine structure
Make the right resource decisions (FIO)
- Financing
- Investing/resourcing
- Operations

Question 8

Why is it important to be able to assess and provide feedback?

Answer 8

because if you cant measure it, you can’t manage it and what you measure is what you get