Strategic management process | Business & Finance homework help
1) Situation Analysis: This step involves analyzing the internal and external environment of the organization, including its strengths, weaknesses, opportunities, and threats (SWOT). This helps identify current issues or problems that need to be addressed.
2) Strategy Formulation: During this step, managers develop a vision for the organization’s future state as well as objectives and goals they want to achieve. They also consider different strategies that could be implemented in order to meet these objectives.
3) Strategy Implementation: Once a strategy has been decided upon it needs to be put into action through tactical plans such as budgets, timelines etc. These tactics must then be monitored in order for any necessary changes or adjustments to be made.
4) Evaluation and Control: After implementation, organizations must assess their progress towards their goals by assessing both quantitative metrics (e.g., financial performance) as well qualitative factors (e.g., customer satisfaction). Through this evaluation process companies can then decide if any changes should be made going forward or if the strategy should remain unchanged.