ASSIGNMENT OF

BPS
ON

STRATEGIC MANAGEMENT
PROCESS

MADE BY :
SWATI CHOPRA
BBA (6TH SEM)(E)
ENROLLMENT NO:
0092131707
 STRATEGIC MANAGEMENT PROCESS (SMP)

I STRATEGY FORMULATION PHASE

1. COMPANY’S MISSION:

A mission statement is a brief description of a company's fundamental purpose.

A mission statement answers the question, "Why do we exist?" The mission statement articulates
the company's purpose both for those in the organization and for the public.

The difference between a mission statement and a vision statement is that a mission statement
focuses on a company’s present state while a vision statement focuses on a company’s future.
2. SETTING OF OBJECTIVES:
Setting objectives before taking any action is the only right thing to do, for several reasons:

it gives a target to aim to, therefore all actions and efforts will be focused on attaining the
objective instead of being inefficiently used;

- gives participants a sense of direction, a glimpse of where they're going to;

- motivates the leaders and their teams, since it is quite the custom of establishing some sort of
reward once the team successfully completed a project;

OBJECTIVES should be SPECIFIC, MEASURABLE, ATTAINABLE, RELEVANT & TIMELY.

3. ENVIRONMENTAL ANALYSIS:
Environmental analysis is the study of the organizational environment to pinpoint environmental
factors that can significantly influence organizational operations.
SWOT Analysis
SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses,
Opportunities, and Threats involved in a project or in a business venture. It involves specifying
the objective of the business venture or project and identifying the internal and external factors
that are favorable and unfavorable to achieving that objective.
• Strengths: attributes of the person or company that are helpful to achieving the objective(s).

• Weaknesses: attributes of the person or company that are harmful to achieving the objective(s).

• Opportunities: external conditions that are helpful to achieving the objective(s).

• Threats: external conditions which could do damage to the objective(s).

 4. CHOICE OF STRATEGY:
Choice and strategic choice refer to the process of selecting one option for implementation. An option is a
course of action that it appears possible to take. The simplest form of choice is therefore between taking
an option and not taking it—doing it or not doing it. Various techniques are:

1. Economic man model

2. Administrative man model

3. Games man model

II STRATEGY IMPLEMENTATION PHASE:

5. STRATEGY ACTIVATION
Dimension to activate strategy are:

a) structure - It is a collection of inter-related components or services.

b) strategy - A strategy is a plan of plan of action designed to achieve a particular goal.

c) leader - Effective leaders are also capable of assuming the leadership qualities needed for specific
situations

d) people- it is the team following the leader.

, e) resource commitment – allocation of men, material, money, machine.

f) power & politics – ability to influence other 7 carrying out activities not prescribed by policies.

6. STRATEGY REVIEW:
Business Strategy Review analyses and interprets contemporary research on strategic
management and the wider business environment, publishing articles which combine disciplines
and cross cultural boundaries
If there is any deviation or a gap while executing the strategy between present position & the
desired position, then that gap has to be identified & the review is done at all the steps to fill the
gap.
7. STRATEGIC CONTROL:
There are 2 types of control to be carried on
a) POST ACTION CONTROL – this is done when the plan has already implemented. Or when
output in already came out. It is done so that the same thing wont happen in the future.
b) STEERING CONTROL – this is done in the way when the process is being carrying on at
each of the steps. Eg: quality control.