The Corporate Mission and Vision
The first component of the strategic management process is crafting the organization's mission statement which is a description or declaration of why a company is in operation, which provides the framework or context within which strategies are formulated. A mission statement typically has three main components: a statement of the company or organization which normally referred to as the mission or vision of the company. (Hill/Jones, Page 10)
The mission or vision is a formal declaration of what the company is trying to achieve over the medium to long term. Its purpose is to provide a platform for thinking strategically. Hill/Jones, Page 10)
Analysis of the Organizational External Competitive environment to identify opportunities or threats
It's the second component of the strategic management process of the organization's external operating environment. The essential purpose of the external analysis is to identify strategic opportunities and threats in the organization's operating environment that will affect how it pursues its mission.
Three interrelated environments should be examined at this state: the immediate or industry environment requires an assessment of the competitive structure of the organization and its major rivals; the country or national environment requires an assessment of whether the national context, that is, the particular configuration of country-specific forces within which a company operates, facilitates the attainment of a competitive advantage in the global marketplace; and the wider socioeconomic or macroenvironment that consist of examining macroeconomic, social, government, legal, international, and technological factors that may affect the organization. (Hill/Jones, Page 16)
Analysis of the Corporate Internal Operating Environment to Identify the Organizations Strengths and Weaknesses
It's the third component of the strategic management process. It serves to pinpoint the strengths and weakness of the organization. Such issues as identifying the quantity and quality of a company's resources and...