Strategic Planning - Essay Example

Strategic management affiliation Strategic Planning It refers to a set of managerial actions and decisions that are used in determining the long-term organizational performance. Organizational strategic management process is composed of four elements. That is strategy implementation, situation analysis, strategy evaluation and strategy formulation (Elbanna, 2006).Situation analysis- this element provides the organization with the necessary information that helps it to create mission statement.

The process of the situation analysis entails environmental scanning. Several techniques can be used to perform this analysis. External environment must be analyzed by the organization to determine how n organization can survive in the midst of the competitors.Strategy formulation- The element involves developing and designing the organization strategies. Formulation of strategies in an organization is aided through the determination of the strengths.Implementation of strategy- strategy implementation entails the act of putting strategy into practice.

In addition, the process involves steps development, methods and strategy execution procedure. The process also includes determination of which strategy to come first. Prioritization of strategies should be based on the seriousness of all issues underlying.Strategy evaluation- this element entails the examination of strategy implementation as well as the strategy outcome. Evaluation includes the process of finding out whether the deadlines have been met, whether the process used in implementation steps and process are working the way they should.

Strategic management is a crucial part of organizational business strategies. For any organization to successfully survive in a competitive business environment, it has to gather the right information so that the organization can have a competitive advantage to compete against its competitors. Organizations survival deeply depends on how it outshines its competitors. If the competitors outperform the organization then, it fails. A good strategic management is, therefore, vital for an organization to strengthen its operations in the market.

Same business model, different strategyBusiness models offer a description of how an organization structure is set to maximize the profits. On the other hand, business strategy is used to give a description of how organization engages its competitors. A company like amazon and Facebook has been able to beat their competitors through development of new strategies. Facebook has been successful in increasing its revenue through virtual property owner model.ReferenceElbanna, S. (2006). Strategic decision-making: Process perspectives.

International Journal of Management Reviews. doi:10.1111/j.1468-2370.2006.00118.x