Peer Response Write a peer response to a colleague’s post: comment on her answer
Peer Response Write a peer response to a colleague's post: comment on her answer and then add some more content related to the subject. At least 2 peer-reviewed sources are required. APA format 7th edition. The textbook is attached. Below is the question (1), my post (2), and my colleague's post (3). 1) The Discussion Question: Discussion Question Please provide brief explanation about the Strategic Management by answering the following question: ● What are the elements of the strategic management process? ● How are they interrelated? 2) My post: Strategic management has been a key element in contemporary business practices. It is consistent with strategic thinking and the interrelation of various stages (Asobee, 2021). According to Hitt et al. (2016), it has been utilized as a tool for outperforming competitors. The strategic management process is defined as the utilization of a company's decisions, commitments, and actions to achieve a state of strategic competitiveness necessary for effective revenue accumulation (Hitt et al., 2016). The essence of strategic management is ensuring the accumulation of above-average returns. Hitt et al. (2016) define above-average returns as revenue accumulation or profitability that goes beyond the expectations of the investor given the risk position. A strategic management process is consistent with three steps: analysis, strategy, and performance, or simply the A-S-P (Hitt et al., 2016). It is crucial to clarify the elements of the strategic management process and how they relate to each other in the global business community. The analysis process consistently examines the internal and external business environment to ascertain the company's core competencies, resources, and capabilities (Hitt et al., 2016). The strategy process contains the strategy implementation and formulation consistent with the integration of techniques that ensure above-average returns (Hitt et al., 2016). Lastly, the performance aspect of the strategic management process is consistent with the adoption of core competencies enabling the company to acquire above-average returns (Hitt et al., 2016). These three factors are utilized through interrelation. The analysis process consistently recognizes the company's internal and external factors. This process is fundamental to developing a mission and vision, which is crucial for formulating and implementing a strategy. The strategy formulation and implementation guide the company through a phase of utilizing its strengths or core competencies, which are essential for the company's success and performance. The strategic management process encourages the organization to act innovatively in improving its performance for global competitiveness (Kyrylov et al., 2020). References Asobee, M. S. (2021). Exploring the importance of strategic thinking to strategic planning in the strategic management process. Journal of Business and Management Sciences, 9(2), 68-70. Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2016). Strategic management: Concepts and Cases: Competitiveness and globalization. Cengage Learning. Kyrylov, Y., Kyrychenko, N., Stukan, T., & Zhosan, H. (2020). Formation of Enterprise Management Strategies and Entrepreneurship Training. 3) My peer post: Strategic Management identifies and outlines the tactics managers may use to improve performance and provide their firm a competitive edge. It is a continual process that assesses and regulates the business in which a company is involved, evaluates and sets objectives to meet possible rivals, then reevaluates plans and analyzes whether or not they were effective. As a result, the strategic management process includes establishing the company's system and how managers select a set of strategies for the business that will allow it to achieve success and long-term market rivalry (Hitt et al., 2019; Juneja, n.d) The strategic management process consists of four major components. These are the sequential stages involved in formulating a new strategic management strategy. As a result, the four components must be completed in order, and an organization cannot go to the next level unless the first is done (Juneja, n.d). The following are the four strategic management processes: Environmental scanning Strategy formulation Strategy implementation Strategy evaluation Environmental Scanning The first step is to assess the problem. Then, to include the scenario analysis, it is necessary to scan and evaluate the organizational and external environments. As a result, environmental scanning refers to gathering, evaluating, and disseminating information for administrative and strategic reasons. It also aids in the analysis of internal and external elements impacting a company (Hitt et al., 2019; Juneja, n.d). Strategy Formulation Strategy formulation entails strategy creation and development. Moreover, identifying the company's strengths aids in strategy development. As a result, strategy creation comprises establishing the best course of action for accomplishing corporate goals and assisting managers in developing corporate, business, and functional strategies (Hitt et al., 2019; Juneja, n.d). Strategy implementation The third phase is to implement the organization's plan. Putting strategies into action requires the construction of metrics, techniques, and processes. It also covers the design of the organization's structure, the distribution of resources, the development of decision-making procedures, and the management of human resources. The organization should start with the most severe concerns and then move on to other topics once they are addressed (Hitt et al., 2019; Juneja, n.d). Strategy evaluation The final step in the strategic management process is strategy assessment. The company's assessment and control activities for the strategic management process include performance appraisal of internal and external elements, performance measurement, and corrective actions to address any difficulties. As a result, the assessment assures that the organizational strategy and action implementation fulfill the company's goals (Hitt et al., 2019; Juneja, n.d). The four processes are linked because they all contribute to creating a competitive advantage. First, the vision and goal of the firm guide the organization and offer employees a feeling of purpose. The goals and objectives give the company something to aim for, while the strategies outline the particular steps the business will take to attain its objectives. Finally, adopting and monitoring the plan guarantees that the procedures are functioning correctly and that the company is advancing toward its goals (Coulter & Coulter, 2008). Reference Coulter, M. K., & Coulter, M. K. (2008). Strategic management in action. Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2019). Strategic management: Concepts and cases: Competitiveness and globalization (13th ed.). Cengage Juneja, P. (n.d). Strategic Management Process - Meaning, Steps and Components. MSG ManagementStudyGuide

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