The strategic management process is very essential in a company. Through the strategic management process, a company is able to formulate, implement,monitor and achieve its organizational goals and objectives (John & Harrison, 2013). The strategic management process can be divided into three main components that have sub-components. The three main components are strategy formulation, strategy implementation, and evaluation and control.

Strategy formulation is a component of the strategic management process that involves the determination of organizational mission, vision and objectives. At this stage also, the management does the SWOT analysis to determine the strategic position of the firm. The managers analyze the environmental threats and opportunities that the firm faces (John & Harrison, 2013). The fourth step here is to generate the alternative strategies and choose the most suitable for the organization. The component of implementation involves operationalizing the strategy through structuring the authority, tasks and responsibilities, mobilizing and allocating resources and making important operational and management decisions. The activities under strategy implementation are geared towards ensuring that the set goals and objectives are achieved through the adopted organizational strategy. The last component of the strategic management process involves evaluation and control. The main aim of this stage is to examine whether the strategy that has been implemented is meeting the set goals and objectives, and if not so, to make corrective action, which may not be limited to adopting an alternative strategy (John & Harrison, 2013).

Apart from making the management process dynamic, strategic management process enables an organization to make its mission and objectives clearer. In addition, strategic management process enables an organization to be future oriented, and to fit itself appropriately in its environment. Further, strategic management process enables the employees and other stakeholders in an organization to know their specific roles well, and how they will contribute to the realization of organizational goals. Through the process, it is easier to evaluate performance. However, it is a complex and difficult process that requires people who are very vision-oriented, and hardworking (John & Harrison, 2013).

The H & M Singapore Strategic Management:

H & M Singapore is a leading fashion provider with around 2472 stores in 43 countries of the world. The firm’s main strategic objective is to continuously increase market share in the fashion industry (H & M, 2014). It is ranked the 7^th in the global fashion retailers. Its external analysis reveals the likelihood of new entrants in the market, many raw material suppliers, many competitors and low product differentiation. In consideration of that, its current strategy is to focus on expanding markets to the US, Europe, Middle East, South East Asia, China and other parts of the globe. The firm also aims at expanding e-commerce markets, using franchise model and targeting generation Y. In relation to focusing on generation Y, the firm is collaborating with celebrities to promote its brand. The firm’s current supply chain shows that it relies on supplies from the largest organic cotton suppliers in the world. It also has raw material alternatives. The firm has also embarked on looking for alternative storage facilities in areas where cost of production is increasing. To curb the increasing cost of raw materials, the firm is looking for alternatives and employing measures to reduce wastage (H & M, 2014).

Internally, the organization is stable and strong. For example, the firm has continuously maintained a competitive advantage in terms of finances, reputation and physical resources. It has a strong financial power to support its strategy. The firm has invested heavily in innovation and technology (H & M, 2014). It has revolutionized online shopping to keep at par with the demands of the technological age.

In sum, strategic management process enables an organization to realize its objectives effectively. An analysis of H & M Singapore has revealed a very effective management strategy. It is advisable for a firm to devise a management strategy, in order to realize its mission.

References

H & M. (2014). About H & M. Retrieved from http://about.hm.com/en/About/sustainability.html.

John, C., & Harrison, J. (2013).Foundations in strategic management.New York, NY: Cengage Learning