Strategic Management and its Processes

There are some stages involved in strategic management. The first stage is the strategy formulation. This is where the objectives of the organizations are defined. Goals may be long term or are short term. After these goals and objectives are well defined, they start to plan the policies, the action needed in implementing them, and the other things needed to be done for them to be able to achieve them. The next stage is the implementation stage. This is where all the planned actions and policies are executed. During the implementation stage, constant evaluation takes place. Since the implementation stage is where they execute their plan of action, it should involve a lot of evaluation of their formulated plan of action to be able to either further develop some of their policies that need improvement or remove the ineffective ones. Upon implementation of their plan, constant decision making is being done putting into perspective their goals and objectives.