Strategic Management Process/Vision, Goals, Objectives - Term Paper Example

The success of a business wholly depends on the strategic management process. Components of strategic management are discussed below (Traverso, 2007).Vision gives an overview of an organization’s structure and operation in the future, how it wants that organization to be. It banks a lot of its plans for the future and it is emotive. In order to accomplish the set vision, a good mission, values and strategies must be designed.It defines the intended purpose or goal to be carried out by the organization.

The mission is the strategy towards achieving the set vision. It includes the steps that are to be followed to accomplish the vision. To attain the mission, appropriate strategies must be put in place.This is an outline of the means by which a company intends to achieve its goals. The strategy is referred to as a roadmap. This is because it the direction to be followed towards the vision. Strategies that yield satisfactory results should be detailed, well researched and planned. The strategies are vital in implementing new initiatives (Traverso, 2007).

Objectives and goals of a company can be referred to as vision or mission statement. However, the two terms are different; a vision statement describes the future while a mission statement defines the action plan towards attaining the vision. In other words, a vision statement is totally dependent on the mission statement. The two must be incorporated into the organization’s culture for them to be effective in strategic management. Both internal and external assessment of the vision and mission is extremely valuable (Traverso, 2007).

SWOT analysis is the most beneficial tool in the strategic planning process. Its aim is to analyze how strengths and weaknesses attributed to the organization’s internal strategic management. Other tools listed are STEER analysis, EPISTLE analysis, PEST analysis, balanced scorecards and the ATM approach (Hamel and Prahalad, 2008).It is necessary to analyze the current internal and external structure of an organization when coming up with strategies.