Strategic management process that could be followed in a typical organization can be as per the following stages:
- The Strategic Planner has to define what is intended to be accomplished (not just desired). This will help in defining the objectives, strategies and policies.
- In the light of stage I, the result of the current performance of the organisation is documented.
- The Board of Directors and the top management will have to review the current performance of the documented.
- In view of the review, the organization will have to scan the internal environment for strengths and weaknesses and the external environment for opportunities and threats.
- The internal and external scan helps in selecting the strategic factors.
- These have to be reviewed and redefined in relation to the Mission and Objectives.
- At this stage a set of strategic alternatives and generated.
- The best strategic alternative is selected and implemented through programme budgets and procedures.
- Monitoring, evaluation and review of the strategic alternative chosen is undertaken in this mode. This can provide a feedback on the changes in the implementation if required.