Question

(about 500 words)
Illustrate the stages of strategic management

Answer 1

THERE ARE 5 STAGES IN THE PROCESS OF STRATEGIC MANAGEMENT NAMELY:

1. GOAL SETTING: PLANNING AND SETTING YOUR GOALS IS THE FIRST STEP OF STRATEGIC MANAGEMENT. GOALS CAN BE BOTH LONG TERM AS WELL AS SHORT TERM. THESE SHOULD ALSO BE COMMUNICATED TO ALL YOUR EMPLOYEES SO THAT THEY CAN KNOW THE PURPOSE OF THEIR JOB IN THE ORGANISATION.
2. ANALYSIS: IN THIS STAGE YOU WILL IDENTIFY AND ANALYSE ALL THE ISSUES WITHIN YOUR ORGANISATION. THIS WILL ALSO HELP YOU TO IDENTIFY THE NEEDS OF THE ORGANISATION SO THAT STRATEGIES CAN BE FRAMED ACCORDING TO THOSE NEEDS. YOU SHOULD USE AS MUCH INFORMATION AND DATA AS YOU CAN.
3. STRATEGY FORMULATION: NOW IS THE TIME TO FORMULATE THE STRATEGY WITH ALL THE INFORMATION ANALYSED ABOVE. THE STRATEGY SHOULD BE FORMULATED KEEPING IN MIND THE GOALS OF THE ORGANISATION. THE RESOURCES WHICH SHOULD BE USED TO REACH THE GOALS SHOULD ALSO BE IDENTIFIED AND INCLUDED IN THE STRATEGY.
4. STRATEGY IMPLEMENTATION: THIS IS THE POINT OF ACTION. THE STRATEGY IS IMPLEMENTED TO WORK. EVERY EMPLOYEE SHOULD BE DIRECTED ABOUT HIS ROLE TO PERFORM IN REACHING THE GOALS. EVERY MEMBER SHOULD BE CLEAR ABOUT THE PLAN AND HIS ROLE IN THE PLAN.
5. STRATEGY MONITORING: IN THIS STAGE YOU SHOULD MONITOR WHETHER THE STRATEGY IS GOING ON AS PER PLAN OR NOT. IF NOT, THEN YOU CAN MAKE SOME ADJUSTMENTS TO REDUCE THE DEVIATIONS. THEREFORE THIS STAGE WILL ALSO HELP O TRACK THE PROCESS OF YOUR STRATEGY DEPICTING HOW FAR YOU ARE FROM YOUR GOALS.