What are the 7 steps of the strategic management process?

The strategic management process is a continuous cycle that ensures organisational capability aligns with external realities. First, establish the vision and mission to define strategic direction. Second, conduct external analysis, such as PESTLE, to identify opportunities and threats. Third, perform internal analysis, like SWOT, to assess resources and core competencies. Fourth, formulate strategies at corporate, business, and functional levels to address identified gaps. Fifth, implement these strategies through stakeholder mapping, resource allocation, and change management. Sixth, monitor performance using KPIs to track progress against objectives. Seventh, evaluate outcomes and adjust strategies based on feedback, ensuring governance and risk appetite remain aligned with evolving market conditions. This iterative approach allows senior leaders to maintain competitive advantage and drive sustainable growth.