The strategic management process involves the following elements, which are mutually influential and cycle back upon one another:
- External and internal environment analyses
- Strategic direction
- Strategy formulation: business and corporate levels
- Strategy implementation
- Strategic control
- Strategic restructuring if needed (Harrison, 2008)
Establishing a Feedback Control System (Harrison, 2008)
- Establish broad goals based on mission, vision, and purpose.
- Identify key result areas for each of the broad goals.
- Establish specific targets for each result area and a time frame for accomplishment
- Make a specific manager responsible for each target.
- Develop and action plan for accomplishing each target.
- Follow up with each manager. (p. 162)
Harrison, J. S., & St. John, C. H. (2008). Foundations in strategic management. Foundations series in management. Mason, Ohio: Thomson/South-Western.