The strategic management process is completed and begins again when_?
The strategic management process is completed and begins again when there is a need for a new strategic plan or when the current strategic plan has been fully implemented and evaluated. Additionally, environmental changes, shifts in industry dynamics, or new opportunities may also trigger the need to start the strategic management process again.
The strategic management process is a continuous and iterative process. It is completed when the strategic goals and objectives have been achieved or when it is no longer feasible to achieve them. Once completed, the strategic management process begins again to reassess and adjust strategies based on changing internal and external factors, new opportunities, and challenges. In essence, it is an ongoing cycle that ensures organizations adapt and remain competitive in a constantly evolving business environment.
The strategic management process is a continuous and iterative process that does not have a definitive end. However, certain events or milestones can trigger the completion of one cycle and the beginning of a new cycle.
The strategic management process typically follows a series of steps, including environmental analysis, strategy formulation, strategy implementation, and evaluation and control. Once a specific strategy is implemented and its outcomes are evaluated, the process can start again with further environmental analysis to create a new strategy or make adjustments to the existing one.
There are several potential triggers that can initiate the start of a new strategic management process, such as:
1. Change in external environment: Significant changes in the external environment, such as new competitors, technological advancements, regulatory changes, or shifts in market demands, may necessitate a reevaluation and adjustment of the strategy.
2. Internal performance indicators: If the internal performance indicators, such as financial performance, market share, or customer satisfaction, indicate that the current strategy is not achieving the desired outcomes, it may be necessary to reassess and revise the strategy.
3. Strategic goals achieved: When the strategic goals set in the previous cycle are successfully accomplished, it may be an opportune time to set new goals and develop a new strategy to pursue further growth or address new challenges and opportunities.
4. Periodic review: Many organizations conduct periodic reviews of their strategic plans, typically annually or semi-annually, to ensure the relevance and effectiveness of the strategy. These reviews serve as natural breakpoints to reassess the strategy and start a new cycle if necessary.
In summary, the strategic management process is ongoing and may start a new cycle when triggered by changes in the external environment, internal performance indicators, achievement of strategic goals, or periodic reviews. It is crucial for organizations to continuously monitor and adapt their strategies to remain competitive and responsive to the dynamic business environment.