Final answer:
An important step in the A-S-P strategic management process, according to Hitt et al., is the Analysis phase, where information is summarized and contextualized to inform strategic decisions.
Step-by-step explanation:
According to Hitt et al., an important step in the A-S-P (Analysis-Strategy-Performance) strategic management process is the Analysis stage. This phase includes tasks such as summarizing and contextualizing information to better understand the current circumstances. In the Analysis phase, it is critical to examine documents to locate information explicitly stated in a source, identifying the subject, author, purpose, and audience, as well as key facts, ideas, opinions, dates, and perspectives. Additionally, this stage entails considering the broader context to 'place' it in time and space, asking critical questions about the source. The goal is to develop a comprehensive view of the situation at hand to make informed strategic decisions that are both achievable and appropriate, in line with the identified goals and the audience's needs.
During the planning stage, organizations assess their current situation, conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats), and develop strategies to gain a competitive advantage in the market.
For example: An organization may set a goal to increase market share by 10% within the next year. They will then develop strategies such as expanding into new markets, investing in research and development, or improving their marketing efforts to achieve the goal.