Stages Of Strategic Management
The strategic management process represents a logical, systematic, and objective approach for determining an enterprise's future direction. However, a clear separation is needed between the managerial process by which an organization formulates, evaluates, implements, and controls the relationships between its objectives, its strategies, and its environment.
Researchers usually distinguish three stages in the process of strategic management: strategy formulation, strategy implementation, and evaluation and control.
Strategy formulation is the process of establishing the organization's mission, objectives, and choosing among alternative strategies. Sometimes strategy formulation is called "strategic planning."