What Are The Six Steps Of The Strategic Management Process Quizlet?

What are the 5 management process?

There are 5 phases to the project life cycle (also called the 5 process groups)—initiating, planning, executing, monitoring/controlling, and closing..

What are the 3 management process?

The chart of “The Management Process,” begins with the three basic elements with which a manager deals: ideas, things, and people. Management of these three elements is directly related to conceptual thinking (of which planning is an essential part), administration, and leadership.

What is the strategic management model?

The strategic management model identifies concepts of strategy and the elements necessary for development of a strategy enabling the organization to satisfy its mission. Historically, a number of frameworks and models have been advanced which propose different normative approaches to strategy determination.

What are the components of strategic management?

Strategic Management – ComponentsCompany Mission: The mission of a company is the unique purpose that sets it apart from other companies. … Policies: … Objectives: … Internal Analysis: … External Environment: … Opportunities and Threats: … Organisational Design: … Key Decisions and Strategists:More items…

What are the six steps in the strategic management process?

What is the Strategic Planning Process?Identify Your Strategic Position. The first stage prepares you for the rest of the strategic planning process. … Gather People and Information. … Perform a SWOT Analysis. … Formulate a Strategic Plan. … Execute Your Strategic Plan. … Constantly Monitor Performance.

What are the 7 steps of the strategic management process?

Seven steps of a strategic planning processUnderstand the need for a strategic plan.Set goals.Develop assumptions or premises.Research different ways to achieve objectives.Choose your plan of action.Develop a supporting plan.Implement the strategic plan.

Which is the first step in the management process?

The steps in the performance management process can be broken down into four broad categories: Planning, coaching, reviewing and rewarding….The first step of the performance management process is Planning.1.1 The defining stage. … 1.2 The feedback stage. … 1.3 The approval stage.

What are the types of strategic management?

Read more: Difference Strategic Management Models.Competitive Strategy: Firstly, competitive strategy is the first of the kinds of strategies in strategic management. … Corporate Strategy: … Business Strategy: … Functional Strategy: … Operating Strategy:

What are the 5 steps in the strategic management process?

The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.

What are five parts to a definition of management as a process?

Activities like, planning, organizing, controlling, coordinating and motivating are described as the fundamental functions of “Process of Management” or “Management Process”. These are the basic five elements of Process of Management Process.

How do you write a strategic plan?

Draft a planExecutive summary. You want the reader to quickly grasp the mission of your company, its values, issues and goals and key strategies to reach goals. … Signature page. … Company description. … Mission, vision and value statements. … Strategic analysis. … Strategies and tactics. … Action plan. … Budget and operating plans.More items…