What are the strategic management process?

 

Strategic Management Process

Strategic management process

What are the strategic management process

The strategic management process involves several steps:

Goal Setting:

Defining clear objectives and goals for the organization. This involves planning and working towards achieving setting goals for the growth of the organisation in the whole.

Analysis:

Conducting an internal and external analysis of things to understand the  strengths, weaknesses, opportunities, and threats  that are available at the moment, so as to take advantage of the particular moment(SWOT).

Strategy Formulation:

This involves deliberate effort to execute setting formation and
Developing strategies to achieve the goals for the organisation based on the analysis that was drawn and how possible the goal can be achieved.

Strategy Implementation:

This involves the implementation of those formulated strategies and plan,
Putting the chosen strategies into action by allocating resources both human and capital, making decisions, and aligning the organisation for better performance at the long run.

Evaluation:

This involves the observation, study,
Monitoring and measuring the progress of the strategies that was implemented. Correcting and making adjustments as needed. This is a very important process to achieve the major goal.

Control:

Ensuring that the organization stays on track and that strategies are being executed efficiently and effectively.

Throughout this process, continuous assessment and adaptation are important to respond to changing circumstances and stay aligned with the organization's goals.
Because things can change at any time s close monitoring will be needed to optimum performance.