STRATEGIC MANAGEMENT PROCESS

DEFINITION
Defining the organizations strategy. Process by which managers make a choice of a set of strategies Continuous process that appraises the business and industries in which the organization involved

PROCESS
Environmental Scanning Strategy Formulation Strategy Implementation

Strategy Evaluation

Environmental Scanning
Process of collecting, scrutinizing and providing information for strategic purpose. 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.
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Strategy Formulation
Process of deciding the best course of action for accomplishing organizational objectives and hence achieving organizational purpose. After environmental scanning, managers formulate corporate, business and functional strategies.

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Strategy Implementation
Making the strategy work as intended or putting the organizations chosen strategy into action. Designing the organizations structure, distributing resources, developing decision making process and managing human resources.
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Strategy Evaluation
Appraising internal and external factors. Measuring performance Taking remedial or corrective actions