Scribd
Upload
37 views1 page

History of Policy

The strategic management process involves 4 steps: 1) Environmental scanning to analyze internal and external factors, 2) Strategy formulation to decide the best course of action, 3) Strategy implementation to put plans into action through organizational structure and resources, 4) Strategy evaluation to appraise performance and take corrective actions. It is a continuous process that defines an organization's strategy to enable better performance through assessing the business, competitors, and setting goals to meet current and future needs.

Uploaded by

Let it be
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
37 views1 page

History of Policy

The strategic management process involves 4 steps: 1) Environmental scanning to analyze internal and external factors, 2) Strategy formulation to decide the best course of action, 3) Strategy implementation to put plans into action through organizational structure and resources, 4) Strategy evaluation to appraise performance and take corrective actions. It is a continuous process that defines an organization's strategy to enable better performance through assessing the business, competitors, and setting goals to meet current and future needs.

Uploaded by

Let it be
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
You are on page 1/ 1

Bino,Anzelmo D.

BSA 3-1

Strategic Management Process

The strategic management process means defining the organization’s strategy. It is also defined
as the process by which managers make a choice of a set of strategies for the organization that
will enable it to achieve better performance.

Strategic management is a continuous process that appraises the business and industries in which
the organization is involved; appraises it’s competitors; and fixes goals to meet all the present
and future competitor’s and then reassesses each strategy.

Strategic management process has following four steps:

1. Environmental Scanning- Environmental scanning refers to a process of collecting,


scrutinizing and providing information for strategic purposes. It helps in analyzing the
internal and external factors influencing an organization. After executing the
environmental analysis process, management should evaluate it on a continuous basis and
strive to improve it.

2. Strategy Formulation- Strategy formulation is the process of deciding best course of


action for accomplishing organizational objectives and hence achieving organizational
purpose. After conducting environment scanning, managers formulate corporate, business
and functional strategies.

3. Strategy Implementation- Strategy implementation implies making the strategy work as


intended or putting the organization’s chosen strategy into action. Strategy
implementation includes designing the organization’s structure, distributing resources,
developing decision making process, and managing human resources.

4. Strategy Evaluation- Strategy evaluation is the final step of strategy management process.
The key strategy evaluation activities are: appraising internal and external factors that are
the root of present strategies, measuring performance, and taking remedial / corrective
actions. Evaluation makes sure that the organizational strategy as well as it’s
implementation meets the organizational objectives. These components are steps that are
carried, in chronological order, when creating a new strategic management plan. Present
businesses that have already created a strategic management plan will revert to these
steps as per the situation’s requirement, so as to make essential changes

You might also like