Strategic Management

Process
Submitted By : Rohan Pama
2003001040
BBA 6
Submitted To : Mrs. Pooja Mam
 Strategic Management
Process
Strategic management is the process
of formulating and implementing
strategies to achieve organizational
goals and objectives. It involves
analyzing the external and internal
factors that affect an organization,
identifying opportunities and
threats, and developing strategies to
capitalize on opportunities and
minimize threats.

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 The process of strategic management can be
broken down into the following steps:

1. Setting goals and objective

2. Conducting a situational analysis
3. Formulating strategies
4. Implementing strategies
5. Evaluating performance
6. Revising strategies
 Setting goals and objectives

This involves defining the long-term goals and objectives of the organization,
which should be specific, measurable, achievable, relevant, and time-bound
(SMART).

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 Conducting a situational analysis

This involves analyzing the external environment (e.g., industry trends,

competition, customer needs, and technology) and internal
environment (e.g., strengths, weaknesses, resources, and capabilities)
to identify opportunities and threats.

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 FORMULATING STRATEGIES
This involves developing a set of strategies that align
with the goals and objectives of the organization,
taking into account the results of the situational
analysis. Strategies can be related to product
development, marketing, operations, or any other
aspect of the organization.

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 Implementing strategies
This involves putting the strategies into action by allocating resources,
developing action plans, and monitoring progress. This may involve
changes in the organization's structure, processes, and culture.

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 Evaluating performance

THIS INVOLVES MEASURING THE EFFECTIVENESS OF THE

STRATEGIES IN ACHIEVING THE GOALS AND OBJECTIVES
OF THE ORGANIZATION, IDENTIFYING AREAS FOR
IMPROVEMENT, AND MAKING NECESSARY ADJUSTMENTS.

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Revising strategies
This involves modifying the strategies based on the
results of the performance evaluation, changes in the
external environment, or internal factors affecting the
organization.
 Summary
Overall, strategic management
is an ongoing process that
requires continuous
monitoring and adjustment to
ensure that the organization
stays on track towards
achieving its goals and
objectives

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