Th? Th? n?xt st?p compris?s strat?gy impl?m?ntation

Th? proc?ss of strat?gic manag?m?nt analys?s various
initiativ?s that ar? carri?d out by th? m?mb?rs of a company’s manag?m?nt on b?half
of th?ir shar?hold?rs, involving r?sourc?s pr?s?nt within th? ?xt?rnal ?nvironm?nts.
This proc?ss compris?s of making a sp?cification of th? mission, vision and obj?ctiv?s
of th? organization as w?ll as th? d?v?lopm?nt of plans and polici?s that ar?
focus?d on achi?v? th?s? obj?ctiv?s and th?n th?r? would b? an allocation of r?sourc?s
in ord?r to impl?m?nt th? polici?s and plans (Nag ?t al, 2007). 2.2 Stag?s of
th? Strat?gic Manag?m?nt Proc?ss and Contribution to Strat?gic Manag?m?nt Proc?ss
Th? first st?p in th? strat?gic manag?m?nt proc?ss compris?s of strat?gy
formulation. It contribut?s to th? proc?ss of strat?gic manag?m?nt through h?lp
with th? d?v?lopm?nt of a vision and mission stat?m?nt, making an id?ntification
of ?xt?rnal opportuniti?s and thr?ats, d?t?rmining th? int?rnal str?ngths and w?akn?ss?s
of th? company, ?stablishing of long t?rm obj?ctiv?, producing of alt?rnativ?
strat?gi?s as w?ll as th? s?l?cting of particular strat?gi?s to adh?r? to (Nag ?t
al, 2007).

Th? n?xt st?p compris?s strat?gy impl?m?ntation
and this is th? action stag? of strat?gic manag?m?nt. Th? contributions to th?
proc?ss of strat?gic manag?m?nt is that it h?lps to ?stablishing annual obj?ctiv?s,
it cr?at?s a v?ry ?ffici?nt organizational structur?, it h?lps with th? d?vising
of polici?s, it also s?rv?s to motivat? ?mploy??s and facilitat?s th? proc?ss
of allocating r?sourc?s (Nag ?t al, 2007). Th? 3rd st?p in th? proc?ss of strat?gic
manag?m?nt would b? strat?gy ?valuation. Th? contribution of this st?p includ?s
th? fact that it h?lps in making a r?vi?w of ?xt?rnal and int?rnal factors
which mak? th? foundation of th? curr?nt strat?gi?s, it h?lps with th? m?asur?m?nt
of p?rformanc? and also wh?n it com?s to taking corr?ctiv? actions (Nag ?t al,
2007).

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