There are many schools of thought on how to do strategic management, and academics and managers have developed numerous frameworks to guide the strategic management process. In general, the process typically includes five phases:
assessing the organization’s current strategic direction;
identifying and analyzing internal and external strengths and weaknesses;
formulating action plans;
executing action plans; and
evaluating to what degree action plans have been successful and making changes when desired results are not being produced.

There are many schools of thought on how to do strategic management, and academics and managers have developed numerous frameworks to guide the strategic management process. In general, the process typically includes five phases:
assessing the organization’s current strategic direction;
identifying and analyzing internal and external strengths and weaknesses;
formulating action plans;
executing action plans; and
evaluating to what degree action plans have been successful and making changes when desired results are not being produced.