Answer this 3 questions with the guide below :

1. Justify or explain why there is a need for strategic management models? 2. Differentiate all models. 3. Whichever model is used, what should be the result of its use? Briefly describe its component.

The Wright, Kroll, and Parnell Model This model considers analyzing external environmental opportunities and threats as the beginning approach. Knowing the externalities to the business organization followed by analyzing its internal environment, strategy formulation process begins. EXTERNAL ENVIRONMENTAL OPPORTUNITIES & THREATS Macro environment Industry environment THE INTERNAL ENVIRONMENT The firm's resources, organizational mission and goals STRATEGY FORMULATION Corporate strategy formulation Business unit strategy formulation Functional strategy formulation STRATEGY IMPLEMENTATION Organizational structure Leadership, Power, and Organizational Culture STRATEGIC CONTROL Strategic Control Process and PerformanceThompson and Strickland Model The model created by Thompson and Strickland identified Five Specific Tasks. The series of activities that comprise the process of developing the strategy are called the strategic management tasks. Task 1 Task 2 Task 3 Task 4 Task 5 Develop a Set Craft a Implement Monitor, strategic Objectives Strategy to and Execute Evaluate, and Vision and Achieve Strategy Take Corrective Mission Objectives Action Revise as Revise as Improve/ Improve/ Recycle as Needed Needed Change Change NeededF. R. David Model The model espoused by F. R. David identified a series of six tasks. Unlike the Thompson and Strickland model, this model has six tasks that begin with developing mission statement, followed by establishing long-term objectives, and so on as you can see in the diagram below. Perform external audit Develop Establish Generate, Establish Allocate Measure mission long-term evaluate, policies and Resources and evaluate statement objectives and select annual performanc strategies objectives Perform internal audit Wheelen and Hunger Model The model developed by Wheelen and Hunger has only four major tasks. Unique to the Wheelen and Hunger model is the first task----environmental scanning-- which is similar to the model espoused by Wright, et.al. It is indeed extremely important to consider environmental factors because adverse or favorable environmental or external factors can make or break one's business. Environmental Strategy Strategy Evaluation and scanning formulation Implementation controlRayport and Jaworski Model A somehow simplistic yet appearing to be a good model is the Rayport and Jaworski Model. This model considers setting goals premised on a corporate or organizational mission. Driven by the need to do internal and external analysis, strategies are formulated zeroing in on corporate strategies then down to a particular business unit. Mission Goals External Internal (Industry) Strategy formulation [Company) analysis Corporate analysis Business-Unit Functional Operating Implementation Control and monitoringPitts-Lei Model The model advocated by Pitts and Lei resembles that of Wheelen and Hunger model that also considers the importance of analysis of external and internal environment before mission and policies are set. Analysis Formulation Implementation Adjustment/Evaluation n External Internal Environment Environment Mission Policies Customers to be Goals, served Guideline competenc s for Organization Opportunities, Strengths, ies to be major structure, Systems, (cycle to Earlier Threats Weaknesses developed activities Culture, etc. Stage) 1 1 1 Strategic Plan- The Output of the Strategic Management Models Whichever of the strategic management models is used or looked upon, the end-result in going through the models is the strategy. More appropriately, the end-result of a strategic planning exercise is often referred to as the Strategic plan which is a must for all believers of strategic management principles as part of the culture of the business organization.The adoption of strategic management theories or principles in any business organization should result to the formulation of strategic plan. The strategic plan may come in the form of a short, medium, or longvtenn. What is really important is that the strategic plan should be a product of a process and a result of worksth involving parties in the organization from the idea of visionmission setting all the to crafting the strategies, implementation and monitoling of results-m and talting corrective measures as necessary. E E [L .2 EH E} H n: L- 4.: U3 vision-Mission statement a declaration oftvhat the rm is all about and what it wants to become Strategic Ubjectivesspecic targets and objectives the rm wants to achieve in measurable terms. Strategies~ Functional and operating plans detailing tasks on what needs to be done and how to achieve strategic objectives. Strategy impiementation.'execution pianr Details of ground or operating level tasks identifying responsible parties including routine and daily activities. Monitoring: evaluation: and taking corrective action- Monitoring compliance of the strategy, evaluating performance and doing corrective actions as needed. Short-term strategic plat-h generally refers to a plan to be carried out or achieved within the ensuing year [or even less}. Hadrian-intent: strategic plan generally covers a period beyond the short-tenn usually ranging from 1 to 3 years. Long-term strategic plate talks about mat to achieve beyond the rnediumvten'n period usually anywhere between 3 to 5 years or even more. Discussion. Discuss the following given questions or statements. 1. Justify or explain why there is a need for strategic management models? 2. Differentiate all models. 3. Whichever model is used, what should be the result of its use? Briefly describe its component