1.What are the three stages in strategic management? Discuss which is more analytical, which relies most on empowerment, and which relies most on statistics? (Chapter 1)
2.Describe the “process of performing an external audit” in an organization doing strategic planning for the first time. (Chapter 3)
There are three stages in strategic management they are strategy formulation,strategy implementation and strategy evaluation.
1.strategy formulation-Business activities are executed by the formulation of strategy which is referred to as Strategy Formulation.
2.Strategy implementation-Annual objectives are established along with the devising of policies and employees are also trained.
3.Strategy evolution-It is the duty of the higher authorities to solve the problems and the working strategies.
Strategy implementation relies on the empowerment for the success.Strategy evolution stage relies on the statistics,it deals with the external and internal factors.
2.For the process of performing external audit in an organization is important to gather all the employees and the higher authorities.They all should have the glance on the audit regarding the organization.For this process steps are involved for performing the audit.
We should gather competitive intelligence and information concerning in social,cultural and economic forces etc.It is an important factor to evaluate the threats and importance to achieve in long term.At last it is an important task in communicating the final list and factors regarding organization