3 Steps in Strategic Management Process

Strategic Planning
is the thinking stage. It starts with the vision and mission statements. Internal and external environments are analysed to identify the Strengths, Weaknesses, Opportunities and Threats of the environment. The Long Term goals are formulated and then the Strategy Selection takes place.
Strategy Implementation
is the action stage. This is where the chosen strategies are implemented through different drivers and instruments.
The Last stage
this is the Strategic Control phase. This can be seen as the checking stage, management would evaluate the success or failure of the chosen strategies against the strategic objectives and goals.

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