6.3.1 Strategic Management Process
We have defined strategic management as a process or series of steps. Let us now take a look at each of these steps and its relationship to the strategic management system.
Step 1 Environmental analysis The strategic management process begins with environmental analysis, the process of monitoring the organisation's environment to identify both present and future threats and opportunities. In this context, the organisational environment encompasses all factors both inside and outside the organisation that can influence progress towards the attainment of organisational objectives.
Managers must grasp the purpose of environmental analysis, recognise the various levels of organisational environment that exist, ...