MGT 498 - WK 1 - Individual Assignment - Paper

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Running head: STRATEGIC MANAGEMENT PROCESS 1 Strategic Management Process Katie Williams MGT/498 - Strategic Management December 5, 2011 Dr. Tug Gokaydin
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STRATEGIC MANAGEMENT PROCESS 2 Strategic Management Process In the student syllabus the week one assignment asks students to describe the primary components of a strategic management process along with indicating why a strategic management process is necessary in a company. Students must also choose a company in which they find interesting to relate to the company’s strategic process. Description of Primary Components The four basic elements of strategic management consist of environmental scanning, strategy formulation, strategy implementation, and evaluation, and control. According to Wheelen, and Hunger, (2010, p. 16), “environmental scanning is the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation.” The easiest way to conduct environmental scanning is through SWOT
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