The document outlines the basic model of strategic management which includes 4 main elements: environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Environmental scanning involves monitoring internal and external factors. Strategy formulation is the development of long-range plans including defining the mission, objectives, strategies, and policies. Strategy implementation is putting strategies and policies into action through programs, budgets, and procedures. Evaluation and control monitors performance to compare it against desired performance and identify triggering events that may require a change in strategy.

1. Basic Model of Strategic Management Alvin G. Niere M.B.A.-1 Misamis University

2. 4 Basic Elements of Strategic Management Environmental Scanning Strategy Formulation Strategy Implementation Evaluation and control

3. Basic Elements of Strategic management process Strategy Formulation Environmental Scanning Strategy Implementation Evaluation And Control

4. Environmental Scanning It is the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the organization.

5. Environmental Scanning Its main purpose is to identify external and internal elements that will determine the future of the corporation. The simplest way to conduct environmental scanning is through SWOT Analysis. (Strengths, Weaknesses, Opportunities and Threats)

6. External Environment Consists of variables that are outside the organization. These refer to the opportunities and threats.

7. Internal Environment Consists of variables that are within the organization itself. They are the strengths and weaknesses of the corporation. They include corporation’s structure, culture and resources.

8. Strategy Formulation It is the development of long range plans. It includes defining corporate mission, specifying achievable objectives, developing strategies and setting policy guidelines.

9. Mission It is the purpose or reason for the organization’s existence. It tells what the company is providing for the society.

10. Objectives These are end results of planned activity. It tells what is to be accomplished.

11. Strategies - It states how the corporation will achieve its mission and objectives.

12. Policies - It is a broad guideline for decision making that links the formulation of a strategy with its implementation.

13. Strategy Implementation Is a process by which strategies and policies are put into action through the development of programs, budgets and procedures. Sometimes referred to as operational planning.

14. Programs Is a statement of the activities or steps needed to accomplish a single use plan. It makes a strategy action oriented.

15. Budgets Is a statement of a corporation’s programs in terms of dollars. It lists the detailed cost of each program.

16. Procedures Sometimes termed as Standard Operating Procedures (SOP) It is a sequential steps or techniques that describe in detail how a particular task or job is to be done.

17. Evaluation and Control - Is a process in which corporate activities and performance results are monitored so that actual performance can be compared with desired performance.

18. Performance It is the end result of activities. It includes the actual outcomes of the strategic management process.

19. Triggering Events - Is something that acts as a stimulus for a change in strategy.