Answer to Question #309870 in Management for Akhona Klanisi

Question

Describe the major components of the strategic management process. Use appropriate examples in your description.

Answer 1

The strategic management process has six major components:

1. Establishment of mission, vision, and goals.

2. Analysis of external opportunities and threats.

3. Analysis of internal strengths and weaknesses.

4. SWOT (strengths, weaknesses, opportunities, and threats) analysis and strategy formulation.

5. Strategy implementation.

6. Strategic control.