5 Steps of Strategic Management Process

1
5 Steps of Strategic Management Process

• Contoural Inc

2

• Strategic management process is the method used
  by organizations to achieve long-term goals and
  strategic objectives. This process incorporates
  development of the organizations vision,
  identifying its organizational objectives,
  followed by devising and implementing the
  organizations strategies. Strategic management
  process also includes devising and implementing
  corrective measures if the strategic goals seem
  to have drifted in some other direction.
  Strategic management process is a different
  branch of management, and should not be confused
  with strategic planning process. This article
  discussed the steps involved in Strategic
  management process.
• There are five steps that must be followed in
  their chronological order.

3
Goal Setting

• The most important step is the identification of
  goals and having a clear idea about
  organizations vision. Once the goals are clearly
  identified, further steps are taken according to
  that. Clear vision about organizational goals
  includes short-term as well as long-term
  objectives. It is at this stage that the persons
  responsible for implementing each task are
  identified, which further help in the set goals.

4
Analysis

• The second step analysis involves gathering the
  data and information required for the
  accomplishment of the set goals. During this
  step, internal and external factors which
  influence business are analyzed, and business
  needs are also understood. The market is studied
  internal and external data that may affect the
  organizations goals is examined. Some of the
  influencing forces which must be taken nto
  account are
• The existing culture of the organization.
• Market standing of the organization.
• Leadership style.
• The organizations experience in creating and
  implementing SMPs.
• Industry and competition.

5
Strategy Formulation

• After assessing the whole market, and your
  business a workable strategy is devised for
  organizational development. Setting of realistic
  business goals is important because these goals
  can only be achieved if the required resources
  are available to reach the goals set in the first
  step. A strategy formulation will help achieve
  goals by identifying the external resources
  business needs to succeed. These goals must also
  be prioritized for effective implementation.

6
Strategy Implementation

• Since the purpose of strategic management process
  is to steer an organization towards its
  objectives, therefore the planning must be
  implemented so that the changes can be propelled.
  For effective implementation, all stakeholders
  must be taken on-board. Everyone in the
  organization must understand the process have a
  clear idea about their duties and
  responsibilities, so that organizational goals
  could be achieved.

7
Evaluation and Control

• The process of strategic management does not end
  at implementation. The sustainability of change
  process has to be ensured. Therefore, evaluation
  and control actions are required for the
  strategic management process. This includes
  performance appraisal and continuous review of
  both internal and external issues. To ensure
  strategic management process success, the
  management of the organization can also take
  corrective actions.

8
Conclusion

• The primary objective of strategic management
  process is to help the organization achieve a
  sustainable strategic competition in the market.
  When properly conceived and implemented, SMP
  creates value for the organization by analyzing
  opportunities and threats, leveraging strengths
  and weaknesses for the survival, growth and
  expansion of a business. Strategic Management
  Process helps achieve organizational goals by
  maximizing resources output.
• At Contoural, our team of experts plays an
  important role in data placement strategy
  implementation by ensuring that the process
  follows all steps.

9
THANK YOU