Put the following steps of strategic Management Process in correct sequence : a. Scanning and Evaluation of Business Environment b. Formulating strategies c. Implementation of Corporate Strategy d. Deciding about the Mission of the organisation e. Setting Corporate Level Objective Codes :
Strategic Management Process Steps Sequence
The strategic management process provides a framework for organizations to define their long-term direction and make decisions to achieve their goals. The steps must follow a logical progression.
Correct Sequence of Strategic Management Steps
The correct sequence for the provided steps is:
- Deciding about the Mission of the organisation (d)
- Scanning and Evaluation of Business Environment (a)
- Setting Corporate Level Objective (e)
- Formulating strategies (b)
- Implementation of Corporate Strategy (c)
Reasoning for the Sequence
1. Mission Definition (d): The process begins with establishing the organization's fundamental purpose and identity – its mission.
2. Environmental Scanning (a): Understanding the internal and external business environment is critical after defining the mission. This involves identifying opportunities, threats, strengths, and weaknesses.
3. Objective Setting (e): Based on the mission and the environmental analysis, corporate-level objectives are defined. These are specific goals the organization aims to achieve.
4. Strategy Formulation (b): Strategies are developed to outline the course of action required to achieve the set objectives, considering the findings from the environmental scan.
5. Strategy Implementation (c): Finally, the formulated strategies are put into practice through various organizational actions and resource allocation.
Important Questions from Strategic Management
- Strategic Management involves :
(a) Assessment of external environment
(b) Identification of subsystem
(c) Unity of command
(d) Span of control
(e) Assessment of resources and capabilities
(f) Identification of goal
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