Stages of Strategic Management

&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad1" id&equals;"quads-ad1" style&equals;"float&colon;left&semi;margin&colon;0px 0px 0px 0&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;<p align&equals;"justify">Strategic management consist of three stages are formulation&comma; implementation and evaluation of strategies&period; Each stage based upon set of activities performed by the individual working in the organization&period;<&sol;p>&NewLine;<h3>Strategy Formulation<&sol;h3>&NewLine;<p align&equals;"justify">Strategy formulation is the first stage of strategic management&comma; this stage includes developing vision and mission statement&comma; identifying external opportunities and threats&comma; evaluating company internal strengths and weaknesses&comma; developing alternative strategies&comma; selection strategies which benefits the business&period; Strategy formulation issues include deciding what new business to enter&comma; what business to abandon&comma; how to allocate resources&comma; whether to expand operation or diversify&comma; whether to enter international market&period; whether to merge or form a joint venture&period;<&sol;p>&NewLine;<p align&equals;"justify">No organization have unlimited resources&comma; strategists must go with the strategies which are most feasible and beneficial for the business&period;Strategy formulation commit an organization to specific products&comma;services&comma; markets&comma; resources and technologies over an extended period of time&period; Strategies are developed for long term competitive advantage over its competitors&period;&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad2" id&equals;"quads-ad2" style&equals;"float&colon;none&semi;margin&colon;0px 0 0px 0&semi;text-align&colon;center&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad3" id&equals;"quads-ad3" style&equals;"float&colon;none&semi;margin&colon;0px&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;