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Define strategic management process.

What is the strategic management process.

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Strategic management process

OPTION 1

  • Have a clear vision, a mission statement and measurable/realistic objectives in place.
  • Identify opportunities/weaknesses/strengths/threats by conducting environmental scanning/situational analysis.
  • Tools available for environmental scanning may include a SWOT/PESTLE/ Porter's Five Forces model (industrial analysis tools).
  • Formulate alternative strategies to respond to the challenges.
  • Develop (an) action plan(s), including the tasks to be done/deadlines to be met/resources to be procured, etc.
  • Implement selected strategies by communicating it to all stakeholders/organising the business's resources/motivating staff.
  • Continuously evaluate, monitor, measure strategies in order to take corrective action.

OPTION 2

  • Review vision statement.
  • Analyse/Re-examine mission statement.
  • Conduct an analysis using models such as PESTLE/PORTER'S/SWOT.
  • Formulate a strategy, such as a defensive/retrenchment strategy.
  • Implement a strategy, using a template such as an action plan.
  • Control/Evaluate/Monitor the implemented strategy to identify gaps/deviations in implementation.
  • Take corrective action to ensure goals/objectives are met.
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