As an aid in envisioning the strategic management process in this paper.
This model was developed by Peter Wright, Charles Pringle and Mark Kroll (1994). It consists of five stages:
1. Analyze the environmental opportunities and threats.
2. Analyze the organization's internal strengths and weaknesses.
3. Establish the organizational direction: mission and goals.
4. Strategy formulation.
5. Strategy Implementation.
6. Strategic Control.
The model begins with an analysis of environmental opportunities and threats. The organization is affected by environmental forces; but the organization can also have an impact upon its environment.
The organization's mission and goals are linked to the environment by a dual arrow. This means that the mission and goals are set in the context of environmental opportunities and threats.
The next arrow depicts the idea that strategy formulation sets strategy implementation in motion. Specifically, strategy is implemented through the organization's structure, its leadership, and its culture.
Then, the final downward arrow indicates that the actual strategic performance of the organization is evaluated.
The control stage is demonstrated by the feedback line that connects strategic control to the other parts of the model.