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From the above figure you will see the dynamic, interrelated nature of the elements of the strategic management process and provides an outline of where the different elements of the process are covered is given below:
Feedback linkages among the three primary elements indicate the dynamic nature of the strategic management process: Situation Analysis, Strategy Formulation and Strategy Implementation. Situation Analysis: in the form of information gained by scrutinizing the internal environment and scanning the external environment, is used to develop the company’s strategic intent and strategic mission.
Strategy Formulation: is guided by the company’s strategic intent and strategic mission, and is represented by strategies that are formulated or developed and subsequently implemented or put into action.
Strategy Implementation: strategic competitiveness and above average returns result when a company is able to successfully formulate and implement value creating strategies that others are unable to duplicate.
Strategy Evaluation & Control: links the elements of the strategic management process together and helps companies continuously adjust or revise strategic inputs and strategic actions in order to achieve desired strategic outcome.
