Classmate one

Elaborate and organized post. I agree that the procedures' sequence may differ depending

on whether the business is seeking an inside or an outside perspective. The primary five stages

are organized logically and are simple to comprehend. However, the firm or organization does

not have to follow the stages in a specific order. It is dependent on the requirements of the firm.

Many businesses examine internal and external elements that influence their strategy, which is

critical to their operations. As a result, they can begin the evaluation process at any point. They

can start with any stage and assess its impact before changing or progressing to the next phase,

tailored to the needs. These procedures are carried out in any order by the organization,

depending on its needs and situations.

It is essential to note that the strategic management process assists businesses in assessing

their current condition, developing plans, implementing them, and evaluating the efficacy of

their control techniques. Strategic management directs the company and its employees in the

right direction. Unlike one-time strategic planning, effective strategic management continually

organizes, examines, and assesses an organization's operations, resulting in

increased performance, customer base, and profitability. Having a structured method for

managing an organization's strategy can assist firms in making rational decisions and promptly

introduce innovative goals to stay up with changing technology, economy, and aspects of a

business.

Reference(s)

Lynch, R. (2018). Strategic management. Pearson UK.

Parnell, J. A. (2013). Strategic Management: Theory and Practice. Thousand Oaks: SAGE

Publications.

Student two

Informative and fantastic post. Strategic management is described as the procedure

through which administrators choose from various techniques for the organization that will help

it perform better. Strategic management is a continual process that examines the organization's

business areas, analyzes its rivals' targets to satisfy all current and future competitors, and

reevaluates each plan. There are five steps of strategic management; internal analysis, external

analysis, strategy execution, strategy formulation, and strategic control. It is not required to carry

out all five stages of the strategic management process in order; these procedures are sequential

by nature. The order in which the different phases are carried out relies on the needs of the

management.

The concept of strategic management is never-ending. As a result, it's important to

remember that each element connects with the others, and this relationship frequently occurs in

unison. The primary goal of the strategic management process is to assist the firm in achieving a

long-term strategic competitive environment. The strategic management process benefits the

firm when it is correctly designed and deployed, concentrating on and analyzing risks and

opportunities, then using its strengths and weaknesses to thrive, develop, and grow.

Assessing the industrial environment necessitates a review of the sector's competitive

market and the market landscape of a given business and its primary competitors. It's also

necessary to look at the sector's architecture, cycle, dynamics, and past. It also requires

determining globalization's impact on industrial competitiveness. Strategic managers should

foresee the current status of the surroundings of the business and its prospects.
 Reference(s)

Lynch, R. (2018). Strategic management. Pearson UK.

Parnell, J. A. (2013). Strategic Management: Theory and Practice. Thousand Oaks: SAGE

Publications.