Strategic Management: Formulation and Implementation


Strategic management is a continuous process. There are three stages in this process: strategy formulation, strategy implementation, and evaluation and control.

Strategy management is also viewed as series of steps. Therefore, the strategic- management process can be best be studied and applied using the model. A review of the major strategic management models indicates that they all include the following steps: performing an environmental analysis, establishing organizational direction, formulating organizational strategy, implementing organizational strategy, evaluating and controlling strategy.

The strategic management process mostly involves top management, board of directors, and planning staff. In its final form, a strategic decisions is moulded from the streams of inputs, decisions, and actions.

All organizations engage in the strategic management process. The success of an organization is generally dependent upon the strategic management and organizational abilities of the managers.

Many research studies show both financial and nonfinancial benefits which can be derived from a strategic-management approach to decision making.

Moreover, the concept of strategic management is still involving and will continue to undergo change. Therefore, understanding and following and complete process of strategic management can be helpful to practicing managers to gain organizations' objectives.