The strategists need to deal the process of strategic management for preparing success. For this purpose, the strategists have to consider following three elements;
- Strategic Inputs
Mainly, following factors are taken as the input of strategic management process.
- Strategic Intent- Vision, Philosophy, Values etc. of the organization.
- Strategic Mission- Organizational goal based on strategic intent.
- Environment Analysis- Internal and external analysis to measure organization's competencies and track the opportunities and threats if any.
- Strategic Actions
Strategic actions are guided by the organization's commitment and mission. Executive or organizational leader leads the actions to be implemented to put the mission to action. Various strategies- Corporate, Business and Functional strategies are implemented. Such strategic actions are achieved through following ways;
- Corporate governance,
- Structure and control,
- Strategic leadership,
- Entrepreneurship and innovation,
- Resource strength.
- Strategic Outcomes
Strategic outcomes are the supportive results achieved by the organization. It is the consequences in the organization. It consists of ultimate goal achievement. The ultimate goal of strategic management includes;
- Long-lasting competitive advantage,
- Better customer service,
- High return on investment.