What are the 5 stages of strategic management?

Strategic management is the process of aligning organizational goals and objectives with resources and actions. The 5 stages of strategic management are:

1. Environmental Scanning: This stage involves gathering information about the internal and external environment to understand the organization’s strengths and weaknesses, as well as opportunities and threats. This information helps organizations make informed decisions about their future direction.
2. Strategy Formulation: In this stage, organizations develop a strategic plan that outlines their goals, objectives, and strategies. This stage involves analyzing the information gathered in the environmental scanning stage and making decisions about the best way to achieve organizational goals.
3. Strategy Implementation: This stage involves putting the strategies developed in the strategy formulation stage into action. This stage involves assigning responsibilities, allocating resources, and establishing performance measures to ensure the success of the strategies.
4. Evaluation and Control: In this stage, organizations monitor and evaluate the effectiveness of their strategies. They assess performance against established objectives and make adjustments as needed to ensure the continued success of their strategies.
5. Strategy Revision: This stage involves revising and updating the organization’s strategic plan based on the results of the evaluation and control stage. This stage ensures that the organization’s strategies remain relevant and effective in a constantly changing environment.

Some organizations may add additional stages or combine stages to create a more customized approach. However, the above 5 stages of strategic management  are widely accepted and used.