Facets of Strategic Management

Strategic management comprises five key facets: goal-setting, analysis, strategy formation, strategy implementation, and strategy monitoring. These are the integral elements that, when applied together, distinguish strategic management from less comprehensive approaches, such as operational management or long-term planning. Strategic management is an iterative, continuous process that involves important interactions and feedback among the five key facets, which are explained in more detail in Table 5.1.

Goal-Setting enables you to articulate your vision: identify what needs to be accomplished, define short and long term objectives, and relate them to what your organization needs to do. A "mission statement" summarises your purpose and goals in terms easily understood by booth staff and external stakeholders.

Analysis guides you to collect and consider information so that you fully understand your situation. Assess external environments and internal situations to identify the strengths and weaknesses of your organization and the opportunities and threats you face as you seek to reach your goals.

Strategy Formation, to determine a strategy, you reflect, develop options, and make decisions. Review the results of the analyses, identify the issues that you and your implementing partners need to address, and prioritise them in