What is the role of each component of the strategic management process Essay

What is the role of separately component of the strategic management process in determining overall enterprise performance - prove ExampleAs such, environmental scanning is very important in directing strategy conceptuality and implementation.The next component is the strategy formulation process. The strategies developed to act upon the excellence of the firm in punish them. However, some scholars argue that strategy implementation and monitoring can lead an organization to excellence fifty-fifty if the strategy developed was inefficient or wrong. However, strategy formulation leads to the development of objectives, performance indicators, business unit strategies, functional strategies and the key strategy (Vagadia, 2014). outline implementation is equally important. The approach of strategies implementation and execution determine how successful they will become. Strategy implementation assesses aspects such as synergy, efficiency, and total reward strategies.Strategy eva luation is the final component of the strategic management process. Primarily, strategy evaluation and monitoring is the process of performance compend and management. This component involves with ensuring that the set objectives are achieved and that various functional strategies are completed within the set deadlines (Vagadia, 2014). Strategy evaluation entails the measurement of performance and taking corrective courses of action. As such, strategy evaluation is entirely found on enterprise performance. However, each component plays a unique