Strategic management comprises five key facets: goal-setting, analysis, strategy formation,
strategy implementation, and strategy monitoring (see Figure). 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.
strategy implementation, and strategy monitoring (see Figure). 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.
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