An organization's business process never ending activity. In present fast moving corporate set up the word "STRATEGY" has very important role. The blue chip companies now they have started to deploy strategy as a functional department. Either it is a small company or big company strategic formulation and implementation have essential foot prints.The Strategic Management Process consist of three main stages Strategy formulation, implementation and evaluation. Strategy Formulation includes mission and vision setting, external opportunities and threats (SWOT) analysis, establishing long term objectives, generating alternative strategy. In Strategy formulation stage top level management need to do lot of basic contributions like organizational existing culture analysis, setting organization's vision and mission statement on the basis of analyzed organization's culture, predefining corporate long term objective.
In Strategy implementation required to establish annual objectives ,motivate employees etc. The strategic implementation stage various type of problems may arise that time top level management or responsible management personnels must arrange orientation programmes especially for the bottom level employees.
Strategy Evaluation is the final stage in Strategic Management Process. Three fundamental strategy evaluation activities are (1) reviewing external and internal factors that are the bases for current strategies (2) measuring performance (3) taking corrective actions. Strategy Evaluation is needed because success today is no guarantee for tomorrow. Success always creates new and different problems .
Even in the past Companies was aware of strategies and its implementation.But companies didn't give much importance.Now to withstand the growing competition companies have to give much importance to stragies.There are functions like strategic planning,strategic HR,strategic marketing etc.Each of them have short term and long term objectives.
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