Final answer:
The strategic management process consists of six steps: identifying goals, environmental analysis, strategy formulation, strategy implementation, monitoring and evaluation, and feedback and control.
Step-by-step explanation:
The strategic management process consists of six steps for strategic planning, implementation, and evaluation:
- Identification of organizational goals: This step involves setting clear and specific goals that the organization wants to achieve. These goals provide a direction for the strategic planning process.
- Environmental analysis: In this step, the organization evaluates its internal and external environment to identify opportunities and threats and assess its strengths and weaknesses.
- Strategy formulation: Based on the goals and environmental analysis, the organization formulates strategies to achieve its objectives. These strategies involve decisions regarding resource allocation, competitive advantage, and market positioning.
- Strategy implementation: Once the strategies are formulated, they need to be implemented. This step involves translating the strategic plans into actions, allocating resources, and mobilizing the necessary teams and departments.
- Monitoring and evaluation: This step involves monitoring the progress of the implemented strategies and evaluating their effectiveness. Key performance indicators (KPIs) are used to measure the success of the strategies and make necessary adjustments.
- Feedback and control: The last step in the strategic management process involves collecting feedback from the evaluation process and using it to make improvements and adjustments to the strategies as needed.