STRATEGIC MANAGEMENT PROCESS Strategic management process consist of four basic elements i.e. situation analysis, strategy formulation, strategy implementation and strategy evaluation. All of these four elements are essential to execute a management plan in contemplation for required changes and improvements in a plan. Situation Analysis Situation analysis is a comprehensive assessment of market presence in a company that rely on internal and external parts. It helps to analyze the capabilities and effect of business climate on the company. It inspects the recent and potential consumer of business and how they counter with products and services Strategy formulation Strategy formulation is a process that includes establishing and planning the policies of companies. It is segmented into three organizational forms named operational, competitive and corporate. Operational policies are connected with several sectors like human resources, marketing, finance and produc...
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