What is Strategic Management framework?
Strategic Management framework is the process to go from where we are currently, to where we want to be. It involves 5 steps
1) Where we are currently?
It involves analysis of current situation of business in terms of strengths, weaknesses, opportunities and weaknesses.
2) Where we want to be?
It involves developing vision and objectives by analyzing where the organization wants to reach.
3) How might we get there?
It involves generating alternative strategies to achieve objectives.
4) Which way is best?
It involves selecting best alternative strategy.
5) Ensure arrival.
It involves implementation and control of selected best strategy to ensure arrival at the future desired position.
These steps are collectively called Strategic Management Framework. It is widely used by all organizations for achieving their goals.
