What is the role of each component of the strategic management process Essay

What is the role of each component of the strategic management process in determining overall enterprise performance - Essay Example As such, environmental scanning is very important in directing strategy formulation and implementation. The next component is the strategy formulation process. The strategies developed to determine the excellence of the firm in executing them. However, some scholars argue that strategy implementation and monitoring can lead an organization to excellence even if the strategy developed was inefficient or wrong. However, strategy formulation leads to the development of objectives, performance indicators, business unit strategies, functional strategies and the key strategy (Vagadia, 2014). Strategy implementation is equally important. The approach of strategies implementation and execution determine how successful they will become. Strategy implementation assesses aspects such as synergy, efficiency, and total reward strategies. Strategy evaluation is the final component of the strategic management process. Primarily, strategy evaluation and monitoring is the process of performance analysis and management. This component involves with ensuring that the set objectives are achieved and that various functional strategies are completed within the set deadlines (Vagadia, 2014). Strategy evaluation entails the measurement of performance and taking corrective courses of action. As such, strategy evaluation is entirely based on enterprise performance. However, each component plays a unique

Product Attractiveness and Competition in the Market Full Of Assignment

Product Attractiveness and Competition in the Market Full Of Competitors - Assignment Example The paper focuses developing a suitable tactical marketing mix strategy. The significance of tactical marketing mix on product performance is reflected. This part of the paper exemplifies how the product, its price, placement, and promotion techniques influence demand and market share. Additionally, the significance of emerging technologies, such as the internet and media, on marketing is discussed. Generally, the research focuses on the importance of pertinent exit strategy and a tactical marketing mix strategy to a business. At the end of the discussion is a conclusion of all the aspects that have been covered in the study. The sale of a product is largely dependent on consumer taste and preference. Toyota car models, such as Subaru legacy, are in great demand in America and other parts of the world. The car is a choice for many due to its reliability and excellent services. The features of the car are eye-catching and the general outlook is amazing. Subaru legacy is preferred to o ther cars for its economical fuel consumption, resistance to wear and tear, high-speed safety and many other features. However, the car face stiff competition from other luxuries car models from other companies such Honda and Ford. New car models introduced by these rival companies are a threat to the automobile market. As a result, Toyota Company has introduced new and more advanced Subaru legacy models to secure a market share. An exit strategy is basically transition of a company’s ownership, either after achieving the expected objective or to evade failure in future. It is necessary to devise means of recovering invested capital in the event of exiting a business. This can only be made possible by developing an effective exit strategy. According to Hawkey, the type of an exit strategy to be adopted depends on the kind of business undertaken by a company. The best way to make an exit strategy is to initiate a business with the end in mind.