5 Step Process for Developing a Strategic Plan
- Step 1: Write a Vision Statement.
- Step 2: Write a Mission Statement.
- Step 3: Perform a Gap Analysis.
- Step 4: Write SMART Goals.
- Step 5: Monitor Progress.
Correspondingly, what is process of strategic management?
Strategic Management Process - Meaning, Steps and Components. The strategic management process means defining the organization's strategy. It is also defined as the process by which managers make a choice of a set of strategies for the organization that will enable it to achieve better performance.
What are the steps in the process of management?
There are four functions of management that span across all industries. They include: planning, organizing, leading, and controlling. You should think about the four functions as a process, where each step builds on the others.
What is strategy planning process?
Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy.