- Words: 583
- Length: 2 Pages
- Topic: Business
- Paper #: 96783301
Strategic Management Process
Describe the primary components of a strategic management process, and indicate why a strategic management process is needed for a company.
The process of strategic management, according to Alkhafaji (2013), is made up of four key components: environmental scanning, strategy formulation, strategy implementation, and evaluation and control.
Environmental scanning, in the words of the author, "consists of analyzing internal and external factors that may affect the organization and its ability