RESPONSE
Write response to Sarah Barnum: Strategic Management: Starting At The Beginning
Need 250 word response and references
Strategic Management: Starting At The Beginning
COLLAPSE
The strategic management process is a comprehensive and ongoing process that involves a range of activities and decision-making processes that aim to help firms achieve their long-term goals and objectives. The starting point of the strategic management process is critical, as it sets the tone for the entire process. There is no single starting point that is universally accepted, as different firms may have different priorities and preferences. However, most experts agree that the starting point of the strategic management process should be the establishment of a firm’s vision and mission statements (Wann, 2022). Proverbs 29:18 states that “Where there is no vision, the people perish.” This verse shows the importance of vision and mission statements in the strategic management process. These statements provide a clear sense of direction and purpose, which are essential for firms to succeed in the long run.
Once the vision and mission statements are established, firms can then engage in external and internal analysis, which involves examining the opportunities and threats in the external environment, as well as the strengths and weaknesses of the firm’s internal resources and capabilities (Kenton, 2022). This analysis helps firms to identify their strategic choices and determine which options are best suited to achieve their goals and objectives. After deciding on the strategic choices, firms can then move on to the implementation phase, where they translate their strategic plans into action. This phase involves allocating resources, setting goals, and establishing metrics to measure progress towards achieving those goals (Kaplan & Norton, 2014).
In conclusion, while there is no single starting point for the strategic management process, establishing a firm’s vision and mission statements is critical for success. From a biblical perspective, vision and mission statements provide a clear sense of direction and purpose, which are essential for firms to achieve their long-term goals and objectives.
References
Kaplan, R. S., & Norton, D. P. (2014, August 1). The Office of Strategy Management. Harvard Business Review. Retrieved March 21, 2023, from https://hbr.org/2005/10/the-office-of-strategy-management
Kenton, W. (2022, November 2). SWOT analysis: How to with table and example. Investopedia. Retrieved March 21, 2023, from https://www.investopedia.com/terms/s/swot.asp
Wann, B. (2022, November 5). Strategic management: What it is and why it is important? Benjamin Wann.com. Retrieved March 21, 2023, from https://benjaminwann.com/blog/strategic-management-what-it-is-and-why-it-is-important-today
