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Sunday, June 15, 2014

Define Strategic Management Process - Meaning, Stages and Componentsnents

It refers to determining the organizations strategy. Additionally it is described as the process through which mangers choose set of strategies for organization which help them to perform better and accomplish goals & objective. Strategic management can be defined as the process that evaluates the business and industries in which the organization is involved; evaluates it’s competitors; and set goals to meet all the present and potential competition and evaluate each strategy.

Strategic Management Process Consist Following Stages:

Environmental Scanning - Environmental scanning is described as the method of collecting, examining and providing information with regard to strategic purpose. It assist in evaluating the internal and external factors that impacting on an organization.

Strategy formulation -
It is the process of determining strategy for accomplishing organizational objective.It consist determining a vision and mission, identifying an opportunities and threats, developing strengths and weaknesses, establishing long-term objectives, setting alternative strategies, and as well as selecting specific strategies to pursue.

Strategy Implementation - It requires firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed effectively.

Strategy Evaluation -
Strategy evaluation refers to measuring performance and improving strategies by taking corrective remedial action.

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