What is the strategic management process?
The strategic management process is a five-component approach that helps encourage successful organizational performance. This process is practiced by a large number of managers and can be subject to change in order to maintain the company’s overall standing.MissionA company’s mission is typically stated in its mission statement. This is where the company explains its reason for existing. This statement creates a sense of purpose for its employees and informs customers what the company stands for and the goals the company should achieve.ObjectivesThis is the section where primary goals of the organization are stated. Most goals are geared toward great success, but are possible to achieve. These goals are subject to change as needed in order to ensure the companies overall standing.Situation AnalysisAfter a company develops its primary goals, it is now time to evaluate each goal and develop a plan to achieve each goal. This process is ever changing due to macro- and micro-environmental
