Strategic management process is rational and analytical nature. It involves following process.
- Environmental Scanning: Knowing the events, trends, issues and outcome is essential at very first in strategic management process. Strategists have to have varied information regarding the various component of environment. At this stage of strategic management process, environmental study is made to determine external opportunities and threats, and internal strengths and weakness.
- Strategy Formulation: After knowing the environmental events, trends, issues and outcomes, the strategists have to develop long range plan. It consists of rational and analytical efforts to form and establish mission, objectives, strategies and policies in the organization.
- Strategy Implementation: It consists of putting strategy into action. Various programs, budgets and procedures are made and acted in this phase to translate vision and mission into the action.
- Evaluation and Control: Strategic management is a performance oriented model of management. Concurrent functions have to be monitored to determine whether these are going on. Actual result and desired result are compared in regular basis to find the strategic direction.