Describe the three stages of the strategic management proces

Describe the three stages of the strategic management process,and give examples of examples of companies and their strategic process.

Solution

1. Environment Scanning - This refers to the process of collecting, analysing and providing information for strategic purposes. It helps in identifying and understanding the internal and external factors influencing the organization.

2. Strategy Formulation & Implementation - This involves analysing all the data collected to decide best course of action for accomplishing organizational objectives. After the first step managers formulate corporate, business and functional strategies. After formulation the chosen strategy is put into action

3. Strategy Evaluation - After the strategy is put into action, it is evaluated in variosu ways by reviewing the business performance against the targets. Based on these reviews the required course correction is taken if required.