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6 Steps To The Strategic Management Process
Transcript of 6 Steps To The Strategic Management Process
The Wolf Den uses this at the beginning of every year, every season, and every week. This helps us organize and know what needs to be done in order to be successful. This step helps a business recognize their strengths and weakness. By doing an internal analysis, a business is looking at their assets- financial, physical, human, and intangible. This is the act of looking at what a business has.
The Wolf Den does an internal analysis often by checking our cash drawers, keeping a list of things that needs to be done, counting stock, having a list of employees. Step 3: Doing an Internal Analysis Corporate, competitive, and functional are the three types of strategies managers will formulate. A manager must look at its external and internal environment first, though.
The Wolf Den has to often come up with strategies to problems in the store ranging to layout to customer issues. Step 4: Formulating Strategies It is crucial to follow through with your strategies properly or they won't be successful.
The Wolf Den, on most occasions, will implement correctly. Step 5: Implementing Strategies By evaluating what your business has done lets you see how effective your strategies have been and then make further adjustments if needed.
The Wolf Den is very good at evaluating results and making a decision on what needs to possibly be changed or fixed. Step 2: Doing an External Analysis Analyzing external environments is crucial in this process. Managers need to know what their competition is up to and what types of things could affect their business.
The Wolf Den uses surveys often to know what's going on with our external environment and it helps let us know what we need to improve in our store.