Global Expansion Project part 2

The Strategic Process

A strategic process is a continuous event revolving around the current changes. The process begins by forming a strategy that answers the following questions:

· Where are we now?

· Where do we want to go?

Next, the company forms a strategic plan, which describes clear direction and purpose of an organization. It also contains objectives and goals compatible with the vision and mission of the business. As a continuous event, it is consistently monitoring external and internal environments. As time changes the strategic process is updated making revisions of plans and programs according to change such slow seasons, consumer surveys, economy, markets, and other changing factors affecting the company strategy.

Therefore strategy not only answers the two questions above, but it goes steps further by dealing with:

· How will the company get there?

· How can it make it work?

Strategies contain three main stages: formulation, implementation, and evaluation.

Formulation Stage
The formulation of a strategy involves developing a vision and mission identifying strengths, weaknesses, opportunities, and threats, establishing objectives, and generating alternative routes of action.

Implementation Stage
A strategy begins to be implemented with short-term goals such as quarterly or annual objectives. Employees are motivated in order to promote the strategic plan, and policies and procedures are developed. Resources are arranged in a way to facilitate the accomplishment of each objective and in turn achieving the vision and mission set by the strategy.

Evaluation Stage
A strategy is continuously changed and adapted, and thus must be evaluated. The strategy itself as well as external and internal factors is examined to determine what parts of the strategy are working well and which are not in order to adapt the strategy as necessary. The strategy process involves the overall mission of the business.

It is important for a strategic process to contain the goals and vision as well as a road map on how to achieve and accomplish those goals set forth by the strategic plan. Strategies incorporate past experiences into future plans.

Additional Resources

This video to understand the factors a company must consider before expanding into the Chinese Market.

This PowerPoint Presentation will give more information on International Strategic Management.

This PowerPoint Presentation will give more information on Strategies for Analyzing and Entering Foreign Markets.

This PowerPoint Presentation will give more information on International Strategic Alliances.