In a short essay, describe the final four steps in the strategic management process
What will be an ideal response?
Answer: The third step in the strategic management process involves an internal analysis, which provides important information about an organization's specific resources and capabilities. After completing an internal analysis, managers can then complete a SWOT analysis. The SWOT analysis combines information from this step and the previous step in the process to formally identify an organization's strengths, weaknesses, opportunities, and threats.
The fourth step in the strategic management process is to put all of the information gathered together and use it to formulate strategies for putting the organization on the right track for the future. As managers formulate strategies, they have to consider the realities of the external environment and their available resources and capabilities and design strategies that will help the organization reach its goals.
After strategies are formulated, they must be implemented. A strategy is only as good as its implementation. The final step in the strategic management process is evaluating results. How effective have the strategies been? Have they helped the organization reach its goals? What adjustments, if any, are necessary?
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