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Ten Steps in the Strategic Management Process

  1. Develop a clear vision and translate it into a meaningful mission statement.
  2. Define your company's driving force and identify its market position.
  3. Assess your company's strengths and weaknesses
  4. Identify the significant market opportunities and threats facing the business.
  5. Clarify the key success factors for your business
  6. Analyze the competition
  7. Create your company goals and objectives.
  8. Formulate strategic options anSd select the appropriate strategies.
  9. Translate strategic plans into action plans.
  10. Establish accurate controls.
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