Successful Adoption of Strategic Management Principle Research Paper

Successful acceptance of Strategic Management Principle - Research Paper ExampleStrategic analysis is the most essential and first component of the strategical management process. It starts with analyzing the internal and external environments and the situation wherein the organization matches those environments (Hunger & Wheelen, 2000). After the end of the strategic analysis, formulation of strategy follows. This requires establishing the strengths of the organization to choose which strategies can be put into practice. The third coiffe is the strategic implementation. It requires actualizing or executing the formulated strategy (Hunger & Wheelen, 2000). The last stage requires monitoring the outcomes of an implemented strategy. This strategic review is basically similar to strategic analysis, observing the external and internal environments and the situation (Hunger & Wheelen, 2000) of the organization to resolve if a plan should be reconstructed. Strategic management contri butes largely to the long-term success of an organization. It is effective in the sense that it improves organizational outcomes through a structured process of strategic be after. However, strategic planning is non without cost or difficulties. It is difficult to perform requires extensive knowledge and rigour and without the right managerial leadership, it exit not be able to maintain the participation of others in the organization (Hill & Jones, 2009). The process of strategic planning will fail if there is no genuine and sustained involvement. However, if an organization chooses not to undergo strategic planning it will generate opportunity costs.