Strategy Evaluation- Strategy evaluation is the final step of strategy management process.Strategy implementation includes designing the organizations structure, distributing resources, developing decision making process, and managing human resources. Strategy Implementation- Strategy implementation implies making the strategy work as intended or putting the organizations chosen strategy into action.Strategy Formulation- Strategy formulation is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose.Īfter conducting environment scanning, managers formulate corporate, business and functional strategies.It helps in analyzing the internal and external factors influencing an organization.Īfter executing the environmental analysis process, management should evaluate it on a continuous basis and strive to improve it. Environmental Scanning- Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes.Strategic management process has following four steps: Strategic management is a continuous process that appraises the business and industries in which the organization is involved appraises its competitors and fixes goals to meet all the present and future competitors and then reassesses each strategy. It is also defined as the process by which managers make a choice of a set of strategies for the organization that will enable it to achieve better performance. The strategic management process means defining the organizations strategy.
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