Business Managment: The Strategic Management process

Comments are tools to express strategic intentions of each company. Over the past few decades, the business strategy has changed a lot. Every business executive must constantly evaluate and analyze the strengths and weaknesses of the internal environment and monitor the threats and opportunities in the external environment. In the face of these competitive challenges and threats, companies have to decide their position and develop a sustainable competitive advantage. (Casadesus-Masanell, R and Enric Ricart, J, 2010) Management expects to review these changes and adjust strategies as necessary.

A management process designed to achieve company vision and mission is called a strategic management process. In fact, in order to clarify the nature of business, I applied the concept of strategic management process to Sensira. It consists of four main steps: analysis, development, execution and coordination / evaluation. §analysis. The strategic management process begins with careful analysis of internal strengths and weaknesses and external opportunities and threats. This approach is often referred to as SWOT analysis. I think that developing new markets faster than other competitors is a potential opportunity to gain market share, but factory costs are also a potential threat to increase financial overload. At the same time, the advantage of Sensira is that it sells automobiles at a lower price than other competitors, so sales increase rapidly.

Strategic management has an ongoing process to evaluate and manage the business and industry involved in the company. The main focus of strategic management is integrated management, marketing, finance, accounting and production work. Balanced scorecards are often used to evaluate the overall performance of the organization and the progress of the organization's success (Earle, 1984). The importance of coordinating management under a comprehensive strategy is recognized. The various functions of management are separated between departments and are handled by the border position (Earle, 1984). Strategic management consists of three phases: strategic development, strategy implementation, and strategic evaluation. The problem of strategy formulation includes deciding which new business to enter, what business to abandon, and how to allocate resources. Strategy formulation is also a deciding factor for companies to enter the international market.