Strategic Management Process of the Coca Cola Company
Strategic management is an instrumental aspect of any organization intending to maintain its profitability as well as to align the objectives of the organization to the process of management. In order to achieve this, organizations can effectively carry out strategic management through a procedure which involves the determination of company goals and objectives, strategy formulation, implementation and evaluation. The process of determining goals and objectives is best carried out by scanning the organizational environment to determine the available resources and how they can be used for the achievement of organizational objectives.
Formulation of the strategic plan involves laying down procedures, rules and regulations that are to guide organizational operations until the desired objectives are achieved. The formulation process is founded on effective decision making towards a mutually beneficial plan. During implementation, the strategies laid down in the plan formulation stage are applied in the organization to realize the desired objectives (Clayton 2012). The final stage in strategic management is the evaluation stage where the performance of each of the team leaders is measured and compared to the set operational standards to determine where there is need for improvement.
Strategic management is essential in every organization since it is through this way that organizational managements get to understand their competitors and thus outperform them (Nedelea & Pain, 2009). Strategic management enhances team work hence the increase in efficiency in the work environment. Because of the importance of strategic management, every organization desires to manage its resources effectively, hence the plan by Coca Cola to offer incentives to their employee as well as a strong reward system which encourages people to perform better.
Clayton (2012). The First Stages of the Strategic Management Process.
Nedelia, S. & Paun, L. (2009). The Importance of the Strategic Management process in the Knowledge Based Economy. Review of International Comparative Journals, 10,1, (95 – 105).
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