ECONOMICS

Detailed explanation-1: -The four phases of strategic management are formulation, implementation, evaluation and modification.

Detailed explanation-2: -Strategy Formulation-Strategy formulation is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose. After conducting environment scanning, managers formulate corporate, business and functional strategies.

Detailed explanation-3: -Five stages of strategic management process identifying and analyzing internal and external strengths and weaknesses; formulating action plans; executing action plans; and. evaluating to what degree action plans have been successful and making changes when desired results are not being produced.

Detailed explanation-4: -Strategic planning process steps Determine your strategic position. Prioritize your objectives. Develop a strategic plan. Execute and manage your plan. Review and revise the plan.