Strategic management model

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The strategic management model — or strategic planning model, as it is also known — is a tool used by managers to plan and implement business strategies. Although there are variations of the strategic management model, most are divided into six stages. Understanding these six stages will help managers to create and implement strategies in their own firms. Strategic management is the process where managers establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all the relevant internal and external circumstances, and undertake to execute the chosen action plans.