Answer:
the steps of the strategic-management process are
- Establish the mission, vision, and values statements;
- Assess the current reality;
- Formulate the grand strategy;
- Implement the strategy;
- and maintain strategic control
Explanation:
These steps are key to succeeding in Business or any venture or project embarked upon.
Step 1. Establish the Mission, Vision and Value statements
There needs to be clarity on what the Business set up intends to accomplish. in other words what void is it filling? It needs to be clearly painted what success looks like from the word "go". Also it is very important to mention the values and culture the Business would want to be known by (and expect to be exhibited by its employees and stakeholders) in accomplishing the already set objectives
Step 2. Assess the current reality
Very likely this venture seeks to modify the way certain consumers are served or offer a similar product in a more appealing fashion or completely change the outlook of an existing industry. It will be required before it sets out to study how things are done at the moment. Identify the lapses, failures and dissatisfaction of consumers. Note the gaps that need to be filled and the investments required to meet the needs of the segment of the Market it intends to serve. Understand the current Strength and weaknesses of the Business to meet the earlier listed objectives. What are the opened opportunities the Business can grasp unto and what Risks are foreseeable? Putting all these information down will help in developing a grand strategy that checks off all the necessary boxes for success.
Step 3. Formulate the grand strategy
Once the Vision is clear and the information required to guarantee success is available. it is time to provide a workable document that guides our approach to delivering on our promise in step 1.
The success chart can be broken into phases, and specific activities or action plan assigned to each phase; this will also include alternative plans as the reality may differ from planned.
Internal strength is reviewed and optimized and the weakness of the Business is brought to the fore with deliberate measures put in place to turn these into strengths and by so doing fortify the will to win. For example if the weakness is in Logistics which slows down the speed of our products hitting the Market or fulfilling customers re-orders, then the aspect of Logistics will be a focus in developing a working strategy. Also, if the Key strength to winning in the industry is to be heavy on social media and social engagement with the Consumers of our brands, one would deliberately build a strategy that gives very key focus to this channel above other traditional communication tool.
4. Implement the strategy
Just go act on what you have committed to, and how you have designed to win focused on why you got into this in the first instance and with attention on the expected end results at the back of your mind.
5. Maintain strategic Control
Keep the milestones in mind and ensure they are measurable. Review performances in line with these milestones. if the chart looks off expectations there is need to review the internal operations for what is not working right and to fix it.
At this level, derailment off the strategy is curtailed and business activities are re-assessed to ensure total alignment with the strategy.