What are the five major components of the strategic management process that are relevant to strategy formulation?Then use a SWOT format to identify for your company or future company its mission, strengths, weaknesses, opportunities, and threats.
What will be an ideal response?
The five major components of the strategic management process that are relevant to strategy evaluation are
1. Mission: The mission is a statement of the organization's reason for being. It usually specifies the customers served, the needs satisfied and/or values received by the customers, and the technology used.
2. Goals: Goals are what a company hopes to achieve in the medium- to long-term future. They reflect how the mission will be operationalized.
3. External analysis: The external analysis consists of examining the organization's operating environment to identify the strategic opportunities and threats.
4. Internal analysis: The internal analysis attempts to identify the organization's strengths and weaknesses.
5. Strategic choice: The strategic choice is the organization's strategy. It describes the ways the organization will attempt to fulfill its mission and achieve its long-term goals.
SWOTS will vary.
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Twin-packs and six-packs are examples of
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