Describe The Strategic Management Process And How It Works

Describe The Strategic Management Process And Include How It Is Us

Describe the strategic management process, and include how it is used by organizations. Your response should be at least 100 words in length.

Do you feel an organization should maintain their original mission and vision statement(s), or do you feel these statements should be periodically updated? Please explain your answer. Your response should be at least 100 words in length.

What is the difference between long-range planning and strategic planning? Explain your answer. Your response should be at least 100 words in length.

Colleges and universities, like all business, have strengths, weaknesses, and competitors. What would you consider to be an online university’s internal strengths and weaknesses? Why? Also, who would you say are the competitors to online universities? What are three external opportunities and three external threats? Your response should be at least 200 words in length.

Within this unit, we discussed how businesses may need to adapt to changing times in order to stay competitive. Their initial practices may have worked well previously, but may not serve them well in the long term. The newspaper industry is one that may face extinction. Explain why they may need to rethink their business strategy, and provide some advice on possible strategic management changes. Be specific to include goals/objects, strengths, and weaknesses. Your response should be at least 200 words in length.

Paper For Above instruction

The strategic management process is a comprehensive approach that organizations utilize to formulate, implement, and evaluate strategies aimed at achieving long-term objectives. It involves several interconnected steps, including environmental scanning, strategy formulation, strategy implementation, and strategy control. Environmental scanning entails analyzing internal strengths and weaknesses as well as external opportunities and threats, providing a foundation for strategic decision-making. Strategy formulation involves developing mission statements, setting objectives, and crafting strategies to position the organization competitively. Implementation then translates these strategies into action through resource allocation and organizational structure adjustments. Finally, monitoring and evaluation ensure strategies remain aligned with organizational goals and enable adjustments as necessary. Organizations use this process to achieve competitive advantage, adapt to changing environments, and sustain growth in dynamic markets (Gilbert, 2018; Wheelen & Hunger, 2017).

Maintaining original mission and vision statements can serve as a guiding compass for organizations, anchoring their purpose and values. However, in a rapidly changing business environment, periodic updates to these statements are beneficial to ensure relevance and alignment with current market conditions, technological advancements, and organizational growth. Updating mission and vision statements reflects an organization’s responsiveness to external and internal shifts, motivating employees and stakeholders while fostering strategic clarity. For example, a tech company might need to revise its mission to emphasize innovation and sustainability as market demands evolve. Therefore, a balanced approach—preserving core values while adjusting strategic focuses—is optimal for long-term success (Bart, 2016; David, 2019).

Long-range planning typically involves setting goals and outlining future actions over a 3 to 5-year period, focusing on operational forecasts and resource allocations. Strategic planning, on the other hand, is a broader, more comprehensive approach that examines the organization’s overall direction, competitive positioning, and external environment, often spanning 5 to 10 years or more. While long-range planning emphasizes specific tactical objectives, strategic planning seeks to define the organization's mission, vision, and overarching strategies to adapt to external changes and capitalize on opportunities. Thus, strategic planning is more dynamic and flexible, incorporating adjustments based on environmental shifts, whereas long-range planning provides detailed roadmaps to guide day-to-day activities (Porter, 2008; Ansoff, 2013).

Online universities possess distinct internal strengths and weaknesses. Strengths include flexibility for students, lower operational costs compared to traditional institutions, and a broader reach enabling access to diverse populations globally. Weaknesses may include limited campus experience, challenges in fostering student engagement, and technological dependencies that can face cybersecurity threats or technical failures. Competitors to online universities extend beyond traditional colleges to include emerging platforms such as Massive Open Online Courses (MOOCs), corporate training providers, and alternative education models like boot camps. External opportunities include expanding global markets, partnerships with industries for credentialing, and advancements in educational technology. External threats encompass increasing competition, regulatory changes, and perceptions of lower value compared to traditional degrees. Addressing these factors requires strategic development that leverages strengths, mitigates weaknesses, explores opportunities, and responds to threats effectively (Allen & Seaman, 2014; Moore, 2017).

The newspaper industry faces significant challenges in the digital age, necessitating a fundamental reevaluation of their business strategies. Traditional newspapers relied heavily on print circulation and advertising revenue, which have declined sharply due to digital consumption habits. To remain relevant, newspapers need to adopt digital-first approaches, diversify revenue streams through online subscriptions, multimedia content, and targeted advertising. Key goals might include increasing digital subscriber base, leveraging data analytics for personalized content, and expanding multimedia engagement. Strengths include their established brand recognition and journalistic expertise, while weaknesses include declining print revenue and high production costs. External opportunities involve the proliferation of digital advertising and partnerships with social media platforms, while threats include fierce online competition, misinformation concerns, and declining trust in media. Strategic management should focus on innovation, enhancing digital content quality, and embracing data-driven marketing to adapt to the evolving media landscape and ensure long-term sustainability (Picard, 2012; Napoli, 2014).

References

• Allen, I. E., & Seaman, J. (2014). Online Report Card: Tracking Online Education in the United States. Babson Survey Research Group.
• Ansoff, H. I. (2013). Implanting Strategic Management. Palgrave Macmillan.
• David, F. R. (2019). Strategic Management: Concepts and Cases. Pearson.
• Gilbert, C. G. (2018). Strategic Management and Competitive Advantage. Pearson Education.
• Moore, M. G. (2017). The Bifurcation of Higher Education. ASHE-ERIC Higher Education Report, 14(3), 1-204.
• Napoli, P. M. (2014). Audience Evolution: New Technologies and the Transformation of Media Business. Columbia University Press.
• Porter, M. E. (2008). The Five Competitive Forces That Shape Strategy. Harvard Business Review.
• Wheelen, T. L., & Hunger, J. D. (2017). Strategic Management and Business Policy. Pearson Education.
• Bart, C. (2016). Mission Statements and Strategic Change. Journal of Business Strategy, 37(2), 45-52.