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What are the elements of the strategic management process, and how are they interrelated?
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Elements of Strategic management processStrategic management process is an organizational process used to analyze its internal process and how the resources employed are used to achieve the set objectives. Decision makers, therefore, have to understand the elements applied in the strategy process to achieve the desired results (Goetsch, & Davis, 2014). First is formulating a plan whereby the internal structure of the organization is analyzed. Moreover, by knowing how its internal environment operates, one can efficiently come up with a strategy on how to increase its returns thus beating its competitors. Secondly, the strategy definition phase whereby the set strategies are analyzed through data gathering that will enable the company to achieve their vision. Also, procedures are create...
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