Strategic Management Process Paper Mgt 498

Strategic Management Process Paper MGT 498 January 24, 2013 The semipermanent carrying into action of a corporation is mostly reliant on managerial decisions and actions, which imply internal and external environmental scanning, strategical formulation and implementation, evaluation, and control. All of these characteristics ar relat adequate to the concept of strategic management, which emphasizes the supervise and evaluating of external opportunities and threats in light of a corporations strengths and weaknesses (Wheelen, 2010).The primary components of the strategic management process ar environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Environmental scanning is expound to be the monitoring, evaluating, and disseminating of information from the external and internal environments to key people indoors the corporation (Wheelen, 2010). Environmental scanning is usually used to classify strategic influences that will control the future of the corporation.Strategy formulation is the act of developing long-run plans for the future of a corporation by using the corporations strengthens, and weaknesses, for the effective handling of environmental opportunities and threats. Strategy implementation is the putting in action of the strategies formulated by a corporation. Lastly, evaluation and control includes the monitoring of corporate activities and performance in evidence to compare the actual results, to the ones that are set as goals.Strategic management helps a company sustain long-term performance. For companies that do not practice strategic management, it is very hard to make up and to sustain long-term performance. Most companies when they have finally attained a high performance level will soon experience a decrease in their performance. Strategic management will help a company understand, and realize that the environment around them is constantly changing, and evolving.It also helps a company fo cus on the strategies that are authorized and beneficial, which altogether helps in building a better understanding of strategies in regards to the corporation. Transportation is cognize to be an essential tool when it comes to a business, but transportation companies such(prenominal) as British Airways is also corporation that uses strategic management to nevertheless its success. One strategy that is used by British Airways is the merging of different skyways into one. In 1935, airlines in Britain merged together and formed British Airways Ltd. and in 1974 other airlines were also combined and finally formed British Airways (Knight, 2008). The principal(prenominal) point of merging was being able to access a bigger market and establishing a means of long-term profitability. In regards to airlines, quality is a very important factor and it determines the success of an airline. New innovations, and changes are important factors in which British Airways demonstrated these facto rs by being the first airline to operate weather-beating auto landings, offer jet passenger services and fully-flat beds (Knight, 2008).Lastly, British Airways in 2005 decided to work with Cisco and Prime in order to improve communications, in which the system allows all voice and data communications onto a single network while reducing costs and change productivity. In conclusion, strategic management is an important method when it comes to improving a corporations well being. When making decisions all factors need to be taken under consideration.By using British Airways as an example, this paper was able to fully explain and establish the method of strategic management. Reference Knight, B. (2008, contact 25). Strategic management of British Airways Company. Retrieved from http//bizcovering. com/business/strategic-management-of-british-airways-company/4/ Wheelen, T. L. , & Hunger, J. D. (2010). Concepts in strategic management and business policy Achieving sustainability (12th e d. ). Upper Saddle River, NJ Pearson/ assimilator Hall.