The Five Stages of the Strategic Management Process

The strategic management approach entails more than just following a set of guidelines. It's a way of looking at business from a philosophical standpoint. Upper management must first plan strategically, then put that strategy into action. When everyone in the company understands the strategy, the strategic management process works best.The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.Clarify Your VisionThe purpose of goal-setting is to clarify the vision for your business. This stage consists of identifying three key facets: First, define both short- and long-term objectives. Second, identify the process of how to accomplish your objective. Finally, customize the process for your staff, give each person a task with which he can succeed. Keep in mind during this process yourgoals to be detailed, realistic and match the values of your vision. The next step in this stage is usually to produce a mission statement...