Questions: Ordering Question Click and drag on elements in order Refer to Figure 6.2. Place the steps in the strategic-management process in the correct order, with the first step listed at the top. Establish the mission, vision, and values statements Assess the current reality Execute the strategies Formulate corporate, business, and functional strategies Maintain strategic control

Ordering Question Click and drag on elements in order Refer to Figure 6.2. Place the steps in the strategic-management process in the correct order, with the first step listed at the top. Establish the mission, vision, and values statements Assess the current reality Execute the strategies Formulate corporate, business, and functional strategies Maintain strategic control
Transcript text: Ordering Question Click and drag on elements in order Refer to Figure 6.2. Place the steps in the strategic-management process in the correct order, with the first step listed at the top. Establish the mission, vision, and values statements Assess the current reality Execute the strategies Formulate corporate, business, and functional strategies Maintain strategic control
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Solution

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The strategic-management process typically follows a structured sequence of steps. Based on recognized theories and practices in strategic management, the correct order of the steps is as follows:

  1. Establish the mission, vision, and values statements: This is the foundational step where an organization defines its purpose (mission), long-term aspirations (vision), and core principles (values).

  2. Assess the current reality: This involves analyzing the internal and external environments to understand the organization's current position. Tools like SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) are often used in this step.

  3. Formulate corporate, business, and functional strategies: Based on the assessment, the organization develops strategies at various levels to achieve its mission and vision. This includes corporate-level strategies (overall direction), business-level strategies (competitive positioning), and functional-level strategies (specific departmental actions).

  4. Execute the strategies: This step involves putting the formulated strategies into action. It includes allocating resources, assigning responsibilities, and managing operations to implement the strategies effectively.

  5. Maintain strategic control: The final step is to monitor and evaluate the implementation of strategies. This involves setting up control systems to track progress, making adjustments as necessary, and ensuring that the organization stays on course to achieve its strategic goals.

In summary, the correct order is:

  1. Establish the mission, vision, and values statements
  2. Assess the current reality
  3. Formulate corporate, business, and functional strategies
  4. Execute the strategies
  5. Maintain strategic control
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