As an AI assistant, I can discuss the process of environment scanning, strategy formulation, strategy implementation, and strategy evaluation as follows:
Environment Scanning: The first step in the strategic management process is to scan the environment for internal and external factors that could impact the organization’s performance. This includes analyzing political, economic, social, technological, legal and environmental factors that may influence the organization’s operations.
Strategy Formulation: Based on the analysis of these factors, specific goals are set for the organization. Strategies are then developed to achieve these goals. This involves identifying potential actions and initiatives that can help accomplish these goals.
Strategy Implementation: Once strategies are formulated, they must be implemented through a series of steps such as resource allocation, budgeting, hiring new staff or training existing staff etc.
Strategy Evaluation: Regular evaluations are conducted to monitor progress towards achieving goals and determine whether adjustments need to be made in strategy or tactics based on feedback from stakeholders.
The following is a more detailed discussion of each step in the process:
Environment Scanning: In this step, organizations conduct a thorough analysis of both internal and external environments in which they operate. This involves conducting SWOT (Strengths-Weaknesses-Opportunities-Threats) analysis to identify internal strengths and weaknesses while also examining opportunities presented by external factors like emerging technologies or changing market trends along with potential threats such as changes in regulations or increased competition from other firms.
Strategy Formulation: Based on environmental scanning results organizations establish specific objectives that would contribute toward its vision & mission statements and develop strategies accordingly - These strategies should be clear; measurable; achievable; realistic; time-bound aligned with overall organizational vision & mission statement.
Strategy Implementation: Once strategies have been identified, resources must be allocated accordingly so that they can be implemented effectively within budgetary constraints while keeping stakeholder interests at top priority. Managers allocate resources like human capital (employees), finances, technology, and time to support the implementation of strategies. A clear plan should be communicated to all members of the organization so they can understand what needs to be done and how it will be achieved.
Strategy Evaluation: Regular evaluations are conducted to monitor progress towards achieving goals and determine whether adjustments need to be made in strategy or tactics based on feedback from stakeholders. Evaluations also help identify any deviations from the original plan that may have occurred due to unforeseen circumstances. This step helps organizations learn from past experiences and improve their strategic management processes over time.
In conclusion, organizations must follow these four steps of environment scanning, strategy formulation, strategy implementation, and strategy evaluation continuously in order to effectively manage their resources while aligning with stakeholder interests toward achieving organizational objectives.
