What are the models of strategic management? (Just select one and explain.

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The Schendel and Hofer Model:

Dan Schendel and Charles Hofer formulated a strategic management model, joining both
control and planning functions. It has several steps. Such as: -

1. Goal creation
2. Environmental study
3. Strategy design
4. Evaluation of strategy
5. Implementation of strategy
6. Strategic control

According to Dan Schendel and Charles Hofer, the strategic management model’s
formulation share consists of a minimum of three sub-processes. Such as: -

1. Environmental analysis
2. Resources analysis
3. Value analysis

Resource analysis and value analyses are not particularly shown but are well-thought-out to
be involved in other things.

Strategic management is the ongoing planning, monitoring, analysis, and assessment

of all necessities an organization needs to meet its goals and objectives. Changes in
institutional environments will require organizations to constantly assess their strategies for
success. The strategic management process helps organizations take stock of their present
situation, chalk out strategies, deploy them and analyze the effectiveness of the implemented
management strategies. Strategic management strategies consist of five basic strategies and
can differ in implementation depending on the surrounding environment. Strategic
management applies both to on-premises and mobile platforms. Strategic management is
generally thought to have financial and nonfinancial benefits. The Schendel and Hofer Model
in strategic management process helps an organization and its leadership to think about and
plan for its future existence, fulfilling a chief responsibility of a board of directors. Strategic
management sets a direction for the organization and its employees. Unlike once-and-done
strategic plans, effective strategic management continuously plans, monitors, and tests an
organization's activities, resulting in greater operational efficiency, market share and
profitability.