STRATEGIC MANAGEMENT PROCESS

INTRODUCTION  (STRATEGIC MANAGEMENT PROCESS)

• It is a process of strategic planning that culminates in the formulation of corporate strategy. The strength of the entire process of strategic planning is tested by the efficacy of the strategy finally forged by the firm. 
• The ultimate question is whether the strategy formulated is the appropriate one, i.e. whether it would take the firm to its objectives. 
• Corporate strategy is the game plan that actually steers the firm towards success. The degree of aptness of this game plan decides the extent of the firm’s success. That is why formulation of corporate strategy forms the crux of the strategic planning process.