Main components of strategic management
(1) To ascertain mission of the business unit, by clarification of main objectives of its establishment, its concepts, and goals.
(2) To ascertain internal capacity and condition of the company.
(3) To make analysis and valuation of various external factors effecting company’s activities.
(4) To determine business alternatives to maintain balance and coordination be¬tween internal capacities and external environmental factors.
(5) To select alternatives, out of various alternatives, which can achieve objectives and mission of the company.
(6) To ascertain long-term objectives to achieve selected business alternatives.
(7) To prepare grand strategy to ascertain long-term objectives.
(8) To decide short term annual targets, to achieve long term objectives.
(9) To estimate financial as well non-financial resources and to distribute the same properly among various activities for implementation of strategy.
(10) After implementation of the strategy, to make its regular evaluation and to take effective controlling steps.
