Explain the strategic management process How should the chan

Explain the strategic management process. How should the changing landscape of the financial sector in coming years affect the joint venture? Is there less incentive to keep the joint venture going? Formulate a strategy about what the next phase of the joint venture should be.

Answer :

Following are the steps of Strategic Management Process.

Goal-Setting : Goals are the important part of projects.This is the first process in project start up.Unless & Until Goals have not been formulated the next process can not be executed.Goals are the drivers for organizations.

Analysis : Analysis is the next step after goal formation.Its very important to analyse the selected goal on following terms.

1) Whether the selected goals are reliable or not

2) Selected goals must be measurable

3) Selected Goals are feasible or not etc

So analysis required for above process.

Strategy Formulation :

After the Goals setting & analysis strategies will be formulated .These strategy may be application , work based,Some times a common strategy is applicable to all organization.

Some times strategy changes as per application like

1)Production

2) Marketing

3)Finance

4) Human Resource etc

Strategy Implementation :

After formulation of strategy , the next step is implementation of strategy .The selected strategies are implemented in respective areas for execution.

Evaluation and Control :

This is the last step in strategic management process .All the implemented strategy are evaluated / controlled on some common measures.So if any changes required then proper actions can be taken as per the requirement.

Yes there is direct relationship between Financial sector & Joint venture .Joint ventures performance is totally dependent on the finance available. In recent trend of business or in global scenario the financial circumferences are changing. As these financial condition are changing these are directly affecting to business.

Some of the financial change condition

1) Global Economy

2) Nations economy is dependent on others nations economy

3) Inflation

4) Capital Generation

etc

SO if Joint Venture has to be succeeded in relation with Financial aspects then a strong financial strategy has to be formulated.

Following are the some factors that leads to strategy formulation for joint venture.