In the strategic management process, the organization’s strategies and strategic goals are formulated and implemented using ______.
managers from all parts of the organization
In the strategic management process, the organization’s strategies and strategic goals are formulated and implemented using a range of tools and techniques. These can include:
1. SWOT analysis: A method of analyzing the organization’s strengths, weaknesses, opportunities, and threats to identify areas for improvement and growth.
2. PESTEL analysis: A framework for analyzing the external factors that influence the organization, including political, economic, social, technological, environmental, and legal factors.
3. Porter’s Five Forces: A tool for analyzing the competitive environment in which the organization operates, including the bargaining power of suppliers, the bargaining power of buyers, the threat of new entrants, the threat of substitutes, and the intensity of rivalry among competitors.
4. Resource allocation: This involves allocating the organization’s resources, including financial, human, and physical resources, to support the strategic goals and initiatives.
5. Strategy formulation: The process of developing a plan or approach to achieve the organization’s objectives, which may involve identifying target markets, developing new products or services, or expanding into new markets.
6. Strategy implementation: This involves executing the strategic plan, which may include developing action plans, establishing performance metrics, and monitoring progress toward the strategic goals.
Overall, these tools and techniques help organizations to develop effective strategies and achieve their strategic goals.
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