Can You Describe The Strategic Management Process?


1 Answers

Shane Richardson Profile
It is always useful to start of by defining exactly what the strategic management process is.

According to strategic management process is:

· "The systematic analysis of the factors associated with customers and competitors (the external environment) and the organization itself (the internal environment) to provide the basis for maintaining optimum management practices. The objective of strategic management is to achieve better alignment of corporate policies and strategic priorities."

There are said to be four real phases of the strategic management process and these are as follows:

· Defining the vision and overall objectives of the business

Like with any plan or strategy, you need a good start and to be able to lay solid foundations. Therefore it is important for a company who is to use the strategic management process to clearly outline what they want to achieve in the business.

Without a goal - business is nothing. But this goal should be achievable and so it is important that a company gets the first phase of the strategic management process correct.

· Formulation of strategies

After the initial ideas comes the tweaking process which turns them in to viable targets and logical plans.

· Implementation of strategies

Once everything is in place and the plans have been drawn up then it is time for the process to commence. This will only be successful if the first two stages have been done correctly.

· Evaluation of strategies

The final stage is the evaluation of how it all went. Did the company make a profit and if not, why not? Every business should be analyzing every fact and figure in order to see where they need to improve and how best to go about it.

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