1 Strategic management involves evaluating business objectives and providing strategies to be taken by an organization to achieve future plans. Managers implement the concepts of strategic management because they ensure businesses are run in an effective manner. Besides, strategic management provides various benefits to an organization, such as increased employee productivity and improved organizational profits. Strategic management contains four phases which include the formulation of a plan, implementation, evaluation and modification ( Hunger, & Wheelen, 2003) . The paper focuses on providing a discussion for each of the four phases of strategic management.
Formulation of a Plan
Organizations identify the objectives and purpose of a certain course of action which is most profitable to the firm. Top management identifies the goals and lays out plans to help achieve them. During the formulation phase, the management conducts a strengths, weaknesses, opportunities, and threats (SWOT) analysis for the intended project and strategies to be implemented. Strengths include valuable aspects of an organization such as quality products, excellent customer service, efficient and trained members of staff, and well-established systems. Weaknesses in an organization may include inefficient management, poor quality controls, obsolete machinery, and a weak financial position. Some of the opportunities that an organization can utilize include tax relief by the government and duty drawbacks ( Hunger, & Wheelen, 2003) . The threats that a company may experience include changes in government policies and regulations as well as competition from other companies. Therefore, when formulating a plan, the management ought to conduct a comprehensive SWOT analysis in order to identify if the plan or project is a viable one. For instance, when a company develops a strategy to expand its business in a certain region, the management should consider conducting SWOT analysis in order to achieve success.
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Implementation
During the implementation phase of strategic management, the leaders develop a strategy on how the identified plan will be implemented. During the phase, all stakeholders of an organization such as employees are informed about their roles and responsibilities in the implementation of the plan. The phase is composed of various aspects, such as resources and functional policies. For instance, all the resources, including human and financial, are made available to ensure a successful implementation of a plan. The top management team is responsible for the provision of adequate resources for easier and faster implementation.
Evaluation of the Strategy’s Results
Evaluation is the third phase of strategic management and is used as performance feedback. The top management is responsible for evaluation in order to determine the success or failure of the implemented project. Management compares the actual results of the project to the set goals and objectives ( Hunger, & Wheelen, 2003) . Moreover, the management conducts a comparison between present performances of the organization to the desired goal. The evaluation phase of strategic management includes various aspects such as measuring performance, fixing standards, analyzing variations between actual and desired results by the top management.
Modification and Amplification
Modification and amplification is the last phase of the strategic management process and involve taking up corrective measures. Employees identify various weaknesses during the evaluation stage, and suggestions for corrective measures are made ( Wheelen et al., 2017) . In addition, during the modification, the managers identify the strengths of the project and may recommend for duplication in another department of the organization. Therefore, organizational leaders should be knowledgeable about the four phases of strategic management to help improve performance and achieve a firm's goals and objectives.
References
Hunger, J. D., & Wheelen, T. L. (2003). Essentials of strategic management (Vol. 4). NJ: Prentice-Hall.
Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic management and business policy (p. 55). Boston, MA: Pearson.
