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MBA IA solutions for MB0052- Q1. Describe the role of five major participants in the Strategic Management Process (SMP) of a company.

The major participants in the Strategic Management Process are:
Board of Directors: The role of a board member depends on his (her) degree of involvement in the strategic process; and the degree of involvement of a member depends partly on the management philosophy of a company and partly on the interest a particular board member takes in the affairs of the company. 
Role of Chief Executive: The chief executive plays the most important role in the strategic management process of a company. Major management functions of a chief executive,
however, can be broadly divided into two categories; strategic and non-strategic.
Every chief executive should clearly distinguish between his/her strategic functions and non-strategic or operational functions so that he can appropriately allocate his time and concentrate more on strategic functions.
Role of Corporate Planning Staff: Every chief executive needs the support of his corporate planning staff. With increasing volatility of the competitive environment, the strategic planning and management process is becoming more complex. Also, with the introduction of new tools, techniques and planning models, the planning system is also becoming more technical and specialized.
Role of Senior Managers: Not only the corporate planning staff but other managers, particularly the senior managers, also play an important role in the strategic management process of a company. The senior managers include SBU heads and also functional heads.
Role of Consultants: Management consultants can play very useful roles in the strategic planning process of a company. Consultants render services in different functional areas of management including the strategic planning and management process. In companies with no separate planning division or unit, consultants can fill that gap. They can undertake planning and strategy exercises as and when the company management feels the need for such exercises or consultancies.

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