The Strategic Management Process
Strategic management is a continuous process that consists of nine steps:
Step 1 Develop a clear vision and translate it into a meaningful mission statement.
Step 2 Assess the company’s strengths and weaknesses.
Step 3 Scan the environment for significant opportunities and threats facing the business.
Step 4 Identify the key factors for success in the business.
Step 5 Analyze the competition.
Step 6 Create company goals and objectives.
Step 7 Formulate strategic options and select the appropriate strategies.
Step 8 Translate strategic plans into action plans.
Step 9 Establish accurate controls.