The strategic management process involves the following elements, which are mutually influential and cycle back upon one another:

1. External and internal environment analyses
2. Strategic direction
3. Strategy formulation: business and corporate levels
4. Strategy implementation
5. Strategic control
6. Strategic restructuring if needed (Harrison, 2008)

Establishing a Feedback Control System (Harrison, 2008)

1. Establish broad goals based on mission, vision, and purpose.
2. Identify key result areas for each of the broad goals.
3. Establish specific targets for each result area and a time frame for accomplishment
4. Make a specific manager responsible for each target.
5. Develop and action plan for accomplishing each target.
6. Follow up with each manager. (p. 162)

Reference List

Harrison, J. S., & St. John, C. H. (2008). Foundations in strategic management. Foundations series in management. Mason, Ohio: Thomson/South-Western.