ABSTRACT
The strategic management process helps organizations to consider the present scenario, plan and devise strategies, evaluate the internal and the external factors, i.e., the macro and the micro determinants, formulate the strategy, deploy them, and examine the potency of the enforced management strategies, that which are explained in this chapter using multiple case scenarios and examples. This chapter also sheds light on integrating and applying knowledge gained, the usage of design thinking and analytical tools in the formulation, implementation, and management of strategy. Analyzing and evaluating critically real-life business scenarios and understanding the tangible and intangible benefits gained in the design and implementation of an organization's strategy. In the subsequent section of the chapter, the focus is on the organization's goals and their importance, i.e., how they impact the structure and performance of an organization, and the steps needed to translate the goals and objectives so that they are specific, measurable, acceptable, realistic, and time-bound. The chapter describes Max E. Douglas's Model for Writing Effective Objectives using examples. The PEST Analysis, the BCG matrix, the SWOT Analysis, Michael Porter's Five Forces Analysis, and Balanced Scorecard are a few tools that are used in the formulation of strategies by adhering to the organization's goals.
