Final answer:
The steps in the strategic management process are 'strategy formulation,' 'strategy implementation,' and 'strategy evaluation.' They provide a systematic approach to crafting and executing organizational strategies, and enable an organization to continually adapt and improve.
Step-by-step explanation:
Strategy formulation, strategy implementation, and strategy evaluation are the steps (or phases) in the strategic management process. These steps enable an organization to analyze its current situation, implement strategies to meet its goals, and critically assess the results and the process itself. Having clear phases helps to structure the approach businesses take in navigating complex competitive landscapes.
In the context of the strategic management process, strategy evaluation is the stage that occurs after implementation. During this phase, an organization will scrutinize the outcomes of its strategic initiatives against its objectives. Proper evaluation can influence future strategy formulation and implementation, creating a cyclical process of continual improvement and adaptation.
Just as algorithms provide detailed instructions to achieve a desired outcome, these steps provide a systematic approach to crafting and executing organizational strategy. As with the public policy process, which includes similar stages such as agenda setting, policy enactment, implementation, and evaluation, strategic management requires a methodical approach to achieve a desired organizational outcome.