Strategic Management Process – Meaning, Components, and Steps
This process means defining the company’s strategy. In this process, managers make a set of choices based on strategies that enable them to achieve better. It is a continuous method that evaluates the industries and businesses in which the company is involved. It also helps to evaluate its competitors and adjusts goals. A Strategic management process is necessary for achieving present and future goals. The strategic management process contains the following four steps,
1- Environmental Scanning:
It denotes a process of providing, collecting, and scrutinizing information for strategic purposes. It helps to identify external as well as internal factors that affect the company’s performance. After conducting environmental scanning, the managers should analyze it frequently to improve it.
2- Strategy Formulation:
It is a process of deciding the best possible action for achieving the company’s objectives and purpose. After conducting environmental scanning, managers should analyze functional, corporate, and business strategies.
3- Strategy Implementation:
It is a process of making the strategy of the organization. Strategy implementation includes the company’s structure, decisions, and resources.
4- Strategy Evaluation:
In the strategic management process, strategy evaluation is the last step. It involves the following factors.
- Assessing external and internal factors.
- Measuring performance on a regular basis.
- Taking the right decisions.
These factors help in creating a new plan. As we mentioned above, strategic management is a continuous process. Make sure that each component must make connections with others.
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