The strategic management process means illustrating the company's strategy which involves planning, setting and direction of goals in order to achieve goals within a given period of time to make a company more competitive.
The four components of the strategic management process:-
- Collecting Information - It involves gathering of information of internal and external factors that can influence a company.
- Strategy Formulation - This step involves what action should be taken to achieve goals.
- Strategy Implementation - In this the actions which have decided are executed swiftly for achieving goals.
- Strategy Evaluation - After implementation of strategy, it should be monitor and corrective actions should be taken if there are issues.
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