Answer to Question #118825 in Management for Nse

Question

Josh Inc. is planning a strategic session and has employed you as a consultant. Explain that strategic management process in details using the Wheelen and Hunger Model.

Answer 1

A Strategic management process is where managers make choices from numerous strategies that will enable it to accomplish its set goals. Therefore, the Wheelen and Hunger process of strategic management encompasses four necessary components, such as

·        Environmental scanning,

·        Strategy formulation,

·        Strategy implementation,

·        Evaluation and control.

In this case, environmental scanning encompasses gathering information about events and their link within a firm's internal and external environment. Strategic formulation involves choosing the best courses of action to accomplish organizations defined goals. Strategic implementation is the process of putting plans and strategies to execute an organization's goals. Evaluation and control in strategic management involve determining the effectiveness of a strategy in accomplishing a firm's objectives and taking the right steps whenever required.