What are the 4 management strategies?

The four phases of strategic management are formulation, implementation, evaluation and modification.

smallbusiness.chron.com - Four Phases of Strategic Management - Small Business - Chron.com

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Many companies have mission statements that explain why they are in business, what their products are and the consumer market they target. Strategic management is an ongoing process organizations apply to analyze internal processes and resources that deliver these products. There are four main phases that must be applied with each strategy, and decision-makers must understand the purpose of each phase. Tip The four phases of strategic management are formulation, implementation, evaluation and modification.

Formulating a Plan

Formulation is the process of choosing the most profitable course of action for success. This is the phase for setting objectives and identifying the ways and means of achieving them. An analysis of corporate strengths, weaknesses, opportunities and threats reveals critical areas surrounding the products and services that need attention. Take, for example, a company's objective to expand sales into the internet market. If research shows that competitors in that market are not seeing a return on their investment, company decision-makers may explore other alternatives. By contrast, if competitors are seeing increased sales, the business may decide to launch its online store and start a social media marketing campaign to drive traffic to the website.

Implementation of Strategies

Implementation is the execution of the necessary strategies to meet the objectives that have been set. To ensure success, all employees should understand their roles and responsibilities. Appropriate activity measures provide necessary feedback with facts that identify positive impacts and areas for change. In this phase, companies pay attention to details and monitor processes to implement quick changes as required. For example, if a common customer complaint is that products take too long to arrive, an analysis of the shipping process may reveal ways to expedite delivery, such as using pre-printed shipping levels to streamline packaging and carrier pickup of shipments at the store.

Evaluating the Strategy's Results

Evaluating strategies used in the implementation phase serve as performance feedback. Some companies use a gap analysis to compare how the company performed to set goals. Analyzing present state compared to desired future state identifies the need for new products or additions to existing products. One example is a company comparing its anticipated consumer purchase response with the actual number of sales or comparing old shipping times to the delivery timeframe after new procedures were implemented.

Modification and Amplification

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