Please briefly describe the major steps of the Strategic
Management Process and the key elements of...
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Please briefly describe the major steps of the StrategicManagement Process and the key elements of strategy
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MAJOR STEPS OF STRATEGIC MANAGEMENT PROCESS To answer your question let us first talk about what strategic management process really is It is the process of managing planning and analyzing what you are doing in order to meet the organizational goals Strategic management helps you to analyse where you currently are as compared to where you really want to be This in turn helps to set further goals and plans on how to overcome the gap between expectations and reality The process of strategic management includes 5 steps 1 Goal setting 2 Analysis 3 Strategy formation 4 Strategy implementation 5 Strategy monitoring Now let us see what each of these steps imply Goal Setting The first part of strategic management is to plan and set your
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