What Are The Four Basic Elements Of Strategic Management?

What are the 5 steps in the strategic management process?

The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring..

What are the five elements of strategy?

An effective strategy contains five key elements: Arenas, Differentiators, Vehicles, Staging, and Economic Logic. Remember that it’s important to consider each element in the diamond because they are all interrelated and mutually reinforcing.

What are the tools of strategic planning?

Balanced Scorecard. The Balanced Scorecard is a strategy management framework created by Drs. … Strategy Map. A strategy map is a visual tool designed to clearly communicate a strategic plan and achieve high-level business goals. … SWOT Analysis. … PEST Model. … Gap Planning. … Blue Ocean Strategy. … Porter’s Five Forces. … VRIO Framework.More items…

What are the three key elements of strategic management?

Strategic management has three major elements, which include strategic analysis, strategic choice, and strategy implementation.

What are the six elements of a strategic framework?

In this blog we outline the 6 vital elements to successful strategic planning for your organization.Define your vision. … Create your mission. … Set your objectives. … Develop your strategy. … Outline your approach. … Get down to tactics.

What are two types of control strategies?

Strategic controls help you do this by analyzing your company and its ability to maximize its strengths and opportunities. The four types of strategic control are premise control, implementation control, special alert control and strategic surveillance.

What are the main types of strategies?

Three Types of StrategyBusiness strategy.Operational strategy.Transformational strategy.

What is the process of strategic management?

Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. Simple as it may sound, this is a complex process that also covers formulating the organization’s overall vision for present and future objectives.

What is the first step of strategic management?

The Strategic Management ProcessStrategic Objectives and Analysis. The first step is to define the vision, mission, and values statements of the organization. … Strategic Formulation. … Strategic Implementation. … Strategic Evaluation and Control.

What are the elements of strategic cost management?

3 Strategic cost management has three important pillars, viz., strategic positioning, cost driver analysis and value chain analysis.

What are the elements of strategic management?

Three important Elements in Strategic Management Strategic Analysis. Strategic analysis helps you understand your company´s strategic position. … Strategic Choice. After undertaking strategic analysis you will be ready to make a strategic choice. … Strategy Implementation.

What are the four types of strategic control?

Strategic Control – 4 Major Types: Premise, Implementation, Strategic Surveillance and Special Alert Control.

What are the 7 steps of the strategic management process?

Step 1 – Review or develop Vision & Mission. … Step 2 – Business and operation analysis (SWOT Analysis etc) … Step 3 – Develop and Select Strategic Options. … Step 4 – Establish Strategic Objectives. … Step 5 – Strategy Execution Plan. … Step 6 – Establish Resource Allocation. … Step 7 – Execution Review.