Business Management and Strategic Management PDF

Running Head: MANAGEMENT 0
BUSINESS MANAGEMENT
AND STRATEGIC
MANAGEMENT

MANAGEMENT 1
3 phases of a strategic management plan
Strategic management is a business process of constant planning, analysing,
implementing and evaluating all that is important for a firm to fulfil its objectives and goals
in relation with the future direction (Karmanov et al, 2016). It is also comprised of the actions
and decisions that determine the long performance of the firm. From wider perspectives, the
strategic management process includes three stages all interrelated to one another as –
strategy formulation, strategy implementation and strategy evaluation. Each stage relies upon
set of activities performed by the individual working in the business organisation set towards
achievement of strategic goals under the provision of its external and internal business
environment.
Strategy Formulation – This is the first phase of strategic management process that
includes establishment of organisation mission, objectives and selection from alternative
strategies. It is also known with the other name as strategic planning which enables strategist
to choose which alternative strategies will benefit the company most with considering the fact
that no firm has unlimited resources (Morden, 2016). Taking an example, the executives in a
large organisation can formulate strategy as 30% increase in revenue this year through online
STRATEGY FORMULATION
STRATEGY
IMPLEMENTATION
STRATEGY EVALUATION