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Strategic Management Process
| ← Contingency Theories of Leadership | Project Management → |
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Strategic management is one of the main managerial functions, which is applied to long-term goals and actions of the company. Strategy formulation (of action) and its precise tools are the major elements of the company’s management that influence the effectiveness of its performance (Carpenter, 2009). The major components of the strategic management process are analysis of the environment, setting of the mission and goals of the organization, formation and selection of strategies, implementation of the defined strategy, assessment and monitoring of the chosen strategy. The main aim of the strategic management process realization is to increase the competitiveness of the company and, as a result, to obtain bigger profits. It is also necessary to mention that strategy based on the mission is the “guiding star” that leads the company forward. Strategy and mission are the foundations of the company that make it stronger and thorough, more able to keep the whole structure. Knowing wishes and desires of employees, founders, the desires of consumers, the company will be able to choose the right path that will lead to sustainable success and prosperity (Macmillan, 2000). Strategic management process will help to set achievable goals and make predictions, which are based on the analysis of the current situation.
The strategic management process of British Airways contains all the prior components and it is being realizing through the definite steps. First of all, strategic management process of BA is based on the analysis of the company’s environment. The marketing department of the company has researched that the company can “win” using mergers and acquisitions that become rather popular in the business of airlines and are the inherent part of the airlines’ industry environment (Meyer, 2007). The board of directors of British Airways has defined its missions as “provision of the superior services in each market where the company is operating”. It is also necessary to note that the company is focusing on the development of its main asset – employees. The company has chosen and is implementing the strategy of the outstanding services provision; excellent image and reputation creation and the increase of aircraft fleet. This is suitable and effective complex strategy of the company that fully relies on the competitive environment that the company is operating in. Successful implementation of this strategy will be seen in the earnings (profits) of the company.
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