Strategic management is also known as the key to the success of organizations; it helps businesses set objectives and cope with challenges in the context of the competitive environment. The strategy management process consists of five interconnected stages: analyzing the goal setting, formulating, implementing, and assessing the strategy. The above stages provide a clear structure that ensures any organization can map its activities, resources, and endeavors to its vision.  

By mastering the five stages, organizations can overcome the identified challenges and capture opportunities to create sustainable growth in the complex business environment.  

What is the Strategic Management Process?  

Strategic management is a map that helps a company get from A to B to become more adaptable, as well as to exist and succeed. It entails identifying the objectives, knowing what should be done, recognizing the company's strengths, and implementing the strategies. It is all about choices and being prepared to switch those choices to cater to the firm's growth in the long run.  

Five Stages of the Strategic Management Process  

The important concepts of strategic management are divided into five stages:  

The goal setting means to make all the features of the vision clear to everyone in the business. This stage involves identifying three key facets:  

Remember, during this process, the detail and realism of the goals and alignment with the 'values' part of the vision. Usually, this stage is to form a mission statement that tells the objective to your shareholders and your personnel.  

Analyzing is critical as the information obtained at this stage will determine the rest of the two stages. In this stage, gather as much information and data as necessary to achieve the vision's goal. It is only natural to focus on what the business needs as an institution that intends to achieve sustainability and strategy that a company can use to remain relevant in the market.  

In this case, a cross-check is done to identify any external or internal constraints that may impact values placed on the goals and objectives to be achieved. Do not forget to define the advantages and possible shortcomings of developing the organization's activity and potential threats and opportunities on the way.  

The formulation process reviews the data compiled when doing the analysis. Identify the available resources that may help achieve the business's set aims and objectives. Determine how much a company needs to acquire resources outside the organization.  

Problems associated with the company should be arranged according to their relevance to your goal. If specific, then start developing the strategy once it has been prioritized. Since business and economic positions are most often volatile, it is essential at this stage to establish contingency measures that address each of the steps in the plan.  

Any business's set strategies must be executed appropriately to improve the business venture's success. If the overall plan is incompatible with the current business strategy structure, then it should be change at the start of this stage. Every employee in organization is clarified about their roles and responsibilities according to the organization's vision. Also, any capital or investment required for this endeavor must be mobilized. Execute the plan when finances and employees are ready. 

Some strategy control actions include the assessment of organizational performance, ongoing scrutiny of internal and external events, and management action in response to performance deficiency or changing conditions. Regardless of the strategy, a detailed evaluation always starts with determining the key measurement factors.  

These parameters should correspond to the objectives established in the first stage of the research. Evaluating the measure of risk means ascertaining the progress by comparing the actual outcome against the planned outcome.