Strategic Management Process is a continuing process of five steps which explains the way an organization creates its strategy to achieve its objectives. The five stages of the process are goal-setting, analysis, strategy formulation, strategy implementation and strategy monitoring
1. Goal Setting:
The vision and goals of the organization are clearly stated. The short-term and long-term goals are prescribed, processes to achieve the objectives are determined and the staff is appraised to pick capable people to work on the processes.
Data relevant to achieve the goals of the organization is gathered, potential internal and external factors that can affect the sustainable growth of the organization are examined and SWOT analysis is also performed.
3. Strategy Formulation:
Upon completion of the analysis, the organization moves to the Strategy Formulation stage where the planning to acquire the necessary resources is designed, issues facing the business is prioritize and the strategy is formulated accordingly
4. Strategy Implementation:
After formulation of the strategy, the employees of the organization are clearly made aware of their roles and responsibilities. It is ensured that funds would be available all the time. Then the implementation begins.