What are the different components of the strategic management process?

There are usually three to four components of the strategic management process, depending on the way the system is used. This process always includes the formulation, implementation and evaluation of the strategy. In many cases, an environment or situation analysis is performed before other steps.

If used, the situation analysis is the first of the strategic components of administration. This overview can be done in different ways. One of the most common are strengths and weaknesses, opportunities and analysis (SWOT). Other is political, economic, socio -cultural and technological (pests). Methods such as these and many others can be used to determine the type of environment in which the strategy will be performed.

Another of the components of the strategic management process is the formulation of the strategy. This is the planning phase in which the tasks associated with the implementation of the strategy are outlined. In this step it is also usually determined what sources, such as financing, tools and skills, are to be achieved. May be useful to imagineThe completed organizational goal and then work backwards and imagine which specific steps would lead to success.

Strategy implementation is another component of the strategic management process. Basically, it puts a plan into action. This includes workforce education about what needs to be done to delegate tasks and complete work. Once the plan is moved, it will often be necessary to make some strategy adjustments. The process should be largely followed by steps set out during the formulation of the strategy.

Once the strategy is performed, the next step is to evaluate the process to see if the organizational goals have been achieved. This step involves evaluating the success of the strategic plan, including the quality of the final. If the results are not satisfactory, repairs will usually be made, if possible. The evaluation may also include an analysis of the way the organization has done its strategy to be able to be madeEPPENING ON FUTURE.

In its most effective process of strategic management is a continuous cycle. It provides a strong opportunity for the organization to re -evaluate and take measures to repair areas where it does not achieve optimal performance. While the steps are best performed in order, if it is a regular part of organizational culture, the components can be regrouted in smaller areas.