By the time the company defines their marketing strategy, they would have already progressed in the strategic management process. This allows for the opportunity to differentiate themselves from the competition; leveraging their fundamental strengths. Employees, suppliers, stakeholders and customers are internalized and streamlined into the process. It is truly an exciting time for any company when goals are achieved, profits are realized, customers are happy, employees love coming to work and suppliers are paid.
What is even more exciting is when the details in the process positively affect the morale of the entire organization. It becomes a domino effect; right down to the customers! This only leads to more profits and annual revenue. But everyone has to stay on top of things to make it work!
The Building Phase
In the strategic management process, employee performance is important and that means the company has to do periodic performance assessments to make sure everyone is on ‘the same page.’ That is the only way that companies will have a high retention rate and be able to tell what areas employees need to improve on.
The employees are integral to the process. It is imperative that they are encouraged to communicate with their managers about everything that would affect the company’s bottom line.
Companies also need to know how products are performing so that adjustments can be made to the marketing strategies and/or direction of the company’s goals. This provides the company with distinct measurement of performance that is in sync with what the company wants to achieve. This is the ideal foundation for company growth and profitability – for many years into the future. So that is why it is important to put a process securely in place, manage it effectively and periodically assess it to make sure that it is working.