What is the meaning of Strategic Management Process? Explain each step of this topic.
What is the meaning of Strategic Management Process? Explain each step of this topic.
Strategic management is the process in which an organization develops and implements plans that espouse the goals and objectives of that organization. In other words, it is a managerial process of forming a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy.
The strategy-making/strategy-implementing process consists of five interrelated managerial tasks. These are
• Setting vision and mission.
• Setting objectives.
• Crafting a strategy.
• Implementing and executing.
• Evaluating performance and initiating corrective adjustments.
