The Strategic-Management Model
The strategic-management process can best be studied and applied using a model. Every
model represents some kind of process. The framework illustrated in Figure 1-1 is a widely
accepted, comprehensive model of the strategic-management process.13 This model does
not guarantee success, but it does represent a clear and practical approach for formulating,
implementing, and evaluating strategies. Relationships among major components of the
strategic-management process are shown in the model, which appears in all subsequent could require a change in the firm’s mission. Therefore, strategy formulation, implementation,
and evaluation activities should be performed on a continual basis, not just at the end
of the year or semiannually. The strategic-management process never really ends.