Strategic Management and Executives Essay Example | Topics and Well Written Essays - 500 words

Strategic Management and Executives - Essay Example that the most crucial factor that determines the success of any company is â€Å"the qualities of strategic decisions that top managers make in attempting to achieve this strategic fit† (Stead & Starik, 2004, p. 122). Some business owners, however, do not make the decisions solely by themselves; they hire professional consultants to aid them in making strategic decisions. A process is often referred to as the flow of information via a given interrelated stages of analysis with the aim of achieving a specific aim. In regarding strategic management as a process, one is required to focus on the historical and current flow of information, as well as forecast data on not only operations, but also the environment of business. Considering strategic management as a process has diverse important implications. First, it is evident that a change in any component is likely to affect other components because the flow of information is always reciprocal. For instance, forces of the external environment often influence the company’s missions and the company also affect the external environment. A second advantage of viewing strategic management as a process is the fact that strategy formulation, as well as implementation, is sequential. This step is associated as well as followed by development of an organization’s profile in addition to the evaluatio n of the external environment. Then other aspects of management such as the strategic choice, definition of objectives, designing of strategies, as well as review and evaluation take place in order. The strategic management process entails three sequential stages. Data-gathering phase is the first stage. It involves extensive research as well as analysis of not only the external environment, but also internal environment of an organization so as to provide sufficient as well as accurate inputs required for strategic decision-making process. The gathered data is then analyzed, and SWOT analysis identified. The second stage of