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Reviewer For SM

The document outlines the 4 steps of the strategic management process: 1) Environmental scanning to collect and analyze internal and external factors. 2) Strategy formulation to decide the best course of action to achieve objectives. 3) Strategy implementation to put the chosen strategy into action through organizational structure and resources. 4) Strategy evaluation as the final step to assess if strategies are working as intended.

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SANCHEZ PRENCESS ALLYSA
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10 views1 page

Reviewer For SM

The document outlines the 4 steps of the strategic management process: 1) Environmental scanning to collect and analyze internal and external factors. 2) Strategy formulation to decide the best course of action to achieve objectives. 3) Strategy implementation to put the chosen strategy into action through organizational structure and resources. 4) Strategy evaluation as the final step to assess if strategies are working as intended.

Uploaded by

SANCHEZ PRENCESS ALLYSA
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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MODULE 1 4 STEPS OF STRATEGIC MANAGEMENT PROCESS

Strategic Management

Is all about identification and description of the 1. ENVIRONMENTAL SCANNING


strategies that managers can carry so as to
refers to a process of collecting, scrutinizing and
achieve better performance and a competitive
providing information for strategic purposes.
advantage for their organization.
It helps in analyzing the internal and external
can also be defined as a bundle of decisions and
factors influencing an organization.
acts which a manager undertakes and which
decides the result of the firm’s performance. 2. STRATEGY FORMULATION
In essence, the strategic plan is a company’s game plan is the process of deciding best course of action
for accomplishing organizational objectives and
3 STAGES OF THE STRATEGIC MANAGEMENT
hence achieving organizational Purpose.
PROCESS
3. STRATEGY IMPLEMENTATION
Strategy formulation
implies making the strategy work as intended or
comprises of developing a vision and mission putting the organization’s chosen strategy into
identifying an organization’s external action.
opportunities and threats includes designing the organization’s structure,
determining internal strengths and weaknesses distributing resources, developing decision
establishing long-term objectives making process, and managing human
creating alternative strategies resources.
choosing particular strategies to follow.
4. STRATEGY EVALUATION
Strategy implementation
is the final step of strategy management
needs a company to ascertain annual objectives process.
formulate policies
stimulate employees, and assign resources so
that formulated strategies can be implemented.

Strategy evaluation

Is the last stage in strategic management.


Managers must know when particular strategies
are not working well.

IMPORTANCE OF STRATEGIC MANAGEMENT

1. It allows identification, prioritization and exploitation


of opportunities

2. Provides objective view of management problems

3. Framework for improved co-ordination

5. It allows major decisions to better support


established objectives

6. It allows more efficient allocation of time

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