International Strategic Management

Report: Module 2

Process of international strategic management

There is a method of international strategic management that is developed through which the strategic management process is carried out effectively and efficiently. The steps of the process are as follows:

Step 1: Define the Current Business

Every business chooses an area or idea on which its business is based and on that basis it competes. The business of the foundation depends on the products the company sells, where it sells, how it sells and how it offers differentiation to its clients. The most challenging and strategic business decision managers make is what business they should compete in. They should analyse their strength and weaknesses, analyse and make course of action.

For these managers often use a vision statement. A vision statement defines where it will take a company in the future and what paths it will follow in the long run. It shows what a company has to become in the future. Visions are longer and broader statements. Along with the vision statement mission statement is made. Mission statement highlights what are the tasks now and what will be the tasks later.

Step 2: Perform External and Internal Audits

The most significant thing to see is the internal and external environment while entering into any business. To look into a proper and deep view usually a SWOT analysis is carried out which shows the strengths, weaknesses, threats and opportunities of the firm.

Step 3: Formulate New Business and Mission Statements

Depending on the actions carried out and the situational analysis, what would the new company be what products will sell and how it will sell all of these matters are overlooked in order to create a new business, and the development of mission vision is also performed.

Step 4: Translate the Mission into Strategic Goals

The most successful operation of the process is to make the decided mission statements into strategic goals. In order to define the goals of the firm it is essential to see what is the mission offering and how will it improve the situation and the quality of the firm. Goals in terms of business goals and various strategic marketing goals should be made.

Step 5: Formulate Strategies to Achieve the Strategic Goals

A strategy is the course of action. A strategic review and formulation is carried out in order to make these strategies help in achieving the goals of the overall firm. The procedures are the ones that are agreed upon by the whole of the company.

Step 6: Implement the Strategies

Implementation is the step in which procedures are translated into actions and actions into results through management, planning, organizing and controlling.

Step 7: Evaluate Performance

Managing strategy is an ongoing process. Many new competitors enter the new market increasing the competition, so it is important for the organization to evaluate their strategies and the goals and get feedbacks and make innovations and improvements in their current strategies. (Gilbert, 2001)

Problems

The most obvious problem faced by the firm is mentioned as resistance to ...