Each phase of strategic management process can be viewed to be consisting of a number of elements, which can be clearly defined with input and output relationships. The steps have logical connectivity and hence these are sequential. The following discrete twelve steps can be considered as comprehensive.
- Defining the vision of the company
- Defining the mission of the company
- Determining the purposes or goals
- Defining the objectives
- Environment scanning
- Carrying out corporate appraisal
- Developing strategic alternatives
- Selecting a strategy
- Formulating detailed strategy
- Preparing a plan
- Implementing a strategy
- Evaluating a strategy
Strategic Management Models:
Firstly have a look at the various models which has got relevance to the strategic process.
Exhibit Strategic Management Model
- Company vision statement
- Company mission statement
- Company profile
- External environment and internal environment
- Evolution strategic choices and selection
- Long-term objectives
- Grand strategy\Annual objective
- Functional strategy
- Operating policies
- Institution sing Strategy
- Control and evaluation
