Question

The typical Strategic Management Process includes four activities. Identify and briefly describe each of those four activities.

(1) Review and define the organizational mission;
(2) Analyze and formulate strategies that align with mission;
(3) Set objectives to achieve the strategy;
(4) Implement strategies through projects.

Answer 1

The typical Strategic Management Process includes four activities: (1) Review and define the organizational mission; (2) Analyse and formulate strategies that align with mission; (3) Set objectives to achieve the strategy; (4) Implement strategies through projects.

Step-by-step explanation:

1. Review and define the organizational mission: This activity involves assessing the current mission statement of the organization and making any necessary updates or revisions. The mission statement outlines the purpose and goals of the organization.
2. Analyse and formulate strategies that align with mission: In this activity, the organization examines its internal and external environment to identify opportunities and threats. It then develops strategies that align with its mission and take advantage of these opportunities.
3. Set objectives to achieve the strategy: Objectives are specific, measurable goals that the organization sets in order to achieve its strategies. These objectives provide a clear direction and guide decision making.
4. Implement strategies through projects: This activity involves putting the strategies into action through various projects and initiatives. It may include resource allocation, project planning, and execution.