Strategic management is a methodology that companies use to develop processes that can enhance the potential success of a business. There are five stages involved in strategic management. It is important to remember that within these phases there is consistent fluctuation which doesn’t allow for companies to stick to set and defined rules. The phases of strategic management are in place to provide a sequence of development that must occur in order to move forward. The five stages of strategic management are as follows; goal setting, analysis, formation, implementation, and monitoring.
Goal setting is the first phase and sets the goals and objectives that realistically build the vision of the following phases. The analysis phase collects internal and external data relevant to the vision formed in the previous phase. It is important in this phase to determine the strengths and weaknesses of the company as well as any within the project. The third phase is the formulation phase. This phase consists of taking the information gathered from the previous phase and constructing and prioritizing the approach that should be taken. Implementation phase is the point in which the motions that have been planned are put into action. The actions in the phase must be clearly stated and understood to have the best possible outcome. The final phase is the point in which the company is to monitor is the parameters of the goals are being met and if not then corrective action must take place.
When researching for examples of company strategic management I came across the strategic plan for Johnson & Johnson. It is quoted on their