Page 21 - Introduction to strategic management

4- Explain the Steps of Strategic

Management Process

Steps of Strategic Management Process

Environmental Scanning:

Environmental scanning refers to a process of

collecting, scrutinizing and providing
Environmental information for strategic purposes. It helps in

Scanning analysing the internal and external factors
influencing an organization. After executing
the environmental analysis process,

management should evaluate it on a
continuous basis and strive to improve it.

Strategy Formulation:

Strategy formulation is the process of

deciding best course of action for
Strategy accomplishing organizational objectives and

Formulation hence achieving organizational purpose. After

conducting environment scanning, managers
should formulate corporate, business and

functional strategies.

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