Thompson and Strickland's Strategic Management Model

What is Thompson and Strickland's Strategic Management Model?

Thompson and Strickland's strategic management model is a systematic approach to strategic management that involves analyzing the organization's internal and external environment, formulating strategies, implementing those strategies, and evaluating their effectiveness.

The model consists of eight steps:

1. Identify the organization's mission and objectives: This step involves clarifying the organization's purpose and the goals it is seeking to achieve.
2. Analyze the internal and external environment: This step involves identifying and analyzing the organization's internal resources and capabilities, as well as the external opportunities and threats it faces.
3. Generate alternative strategies: This step involves considering different options for achieving the organization's objectives, and selecting the most promising ones.
4. Evaluate and select strategies: This step involves evaluating the potential risks and rewards of each alternative strategy, and selecting the one that is most likely to be successful.
5. Implement the chosen strategies: This step involves putting the selected strategies into action, which may involve making changes to the organization's operations, structure, and culture, as well as allocating resources and implementing new processes.
6. Monitor and control strategy implementation: This step involves monitoring and measuring the effectiveness of the chosen strategies, and making any necessary adjustments to ensure that they are achieving the desired results.
7. Evaluate the outcomes of the chosen strategies: This step involves assessing the effectiveness of the chosen strategies in achieving the organization's objectives, and determining whether they need to be modified or replaced.
8. Engage in strategic renewal: This step involves reviewing and updating the organization's strategies on a regular basis to ensure that they remain relevant and effective in the face of changing circumstances.

Thompson and Strickland's strategic management model provides a structured approach for organizations to follow in order to effectively manage their resources and navigate the challenges of the external environment in order to achieve their goals and objectives.

See Also

• Business Strategy