Defining the organization's business and developing a strategic mission as a basis for establishing what the organization does or doesn't do and where it's headed. It involves 7 steps. The components of “direction” are purpose, values, mission and vision. It is the one which tells you how are going to achieve your set of goals with the best utilization of resources available with you. components of the strategic management model. Strategic Management Process. 5. Strategic Management Process: Strategy formulation University of Debrecen Faculty of Ag. Developing the strategic management model is important as it provides the basic framework for understanding how strategic management … trade kings Zambia limited, this essay is going to explain the strategic management process and provide the advantages of the process.Strategic management includes understanding the strategic position of an organization, strategic choices for the future and turning strategy into action (Johnson, Scholes, & Whittington, Harlow). Strategic management is defined as the set of decisions & actions in formulation and implementation of strategies designed to achieve the objectives of an organization. Stages/Components of the process: 3.1 Initial Assessment 3.2 Situation Analysis 3.3 Strategy Formulation 3.4 Strategy Implementation 3.5 Strategy Monitoring 4. A roadmap to launch and grow your organization Process as important as product (perhaps more important) Aligns stakeholders around strategic priorities Communicates your goals, strategies and programs Engages, motivates, and retains external and internal audiences (e.g., board, staff, donors, etc.) Components of the Management Process 2 Definitions •Leaders = point the managers towards the vision and mission of the agency and leverages the funds to make it happen •Managers= plan for, designs and controls factors that affect work ... community needs –Strategic Plan What is a strategic plan and why is it needed? It is usually considered that strategic management has five critical components: 1. Economics and Rural Development Dept. Organizational Mission & Objectives: They have some specific mission towards which all efforts are directed. Strategic management is a management branch concerned with the formulation and implementation of strategies that will help business in achieving the desired outcomes. “Purpose” serves as the “north star.” It can be general, sweeping and vague, but at least it tells you that you THE STRATEGIC PLANNING PROCESS 1 What is a strategic planning process? Definition 2. A strategy determines the basic short/long-term goals and objectives of an organization, the course of action to achieve the goals, and the resources necessary for carrying out those goals. Strategic Management & Strategic Planning Process. Name the strategic management process. 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