View source for David's Model of Strategic Management Process

== What is David's Model of Strategic Management Process ==

'''David's Model of Strategic Management Process''' is a framework developed by management professor David (1990) to describe the process of strategic management. It consists of six stages:
#Environmental scanning: This involves gathering and analyzing information about the external environment in which the organization operates. This includes factors such as competitors, customers, suppliers, and regulatory and economic conditions.
#Strategy formulation: This stage involves the development of a strategic plan based on the information gathered during the environmental scanning stage. This may involve setting goals and objectives, identifying the organization's strengths and weaknesses, and deciding on the best course of action to achieve its goals.
#Strategy implementation: This stage involves putting the strategic plan into action and allocating resources to achieve the goals and objectives set out in the plan. This may involve reorganizing the business, introducing new products or services, or changing the way the business operates.
#Evaluation and control: This stage involves monitoring the progress of the strategic plan and making any necessary adjustments to ensure that it is being implemented effectively. This may involve setting performance targets and using key performance indicators (KPIs) to track progress.
#Feedback and learning: This stage involves reviewing the results of the strategic plan and learning from any successes or failures. This feedback can be used to inform future strategic planning processes.
#Strategic renewal: This stage involves revisiting the strategic plan and making any necessary changes based on new information or changing circumstances. This may involve starting the process again from the beginning or making more minor adjustments to the existing plan.

David's Model of Strategic Management Process is a useful framework for understanding the process of strategic management and for helping organizations to develop and implement effective strategic plans.



==See Also==
*[[Vision Statement]] and [[Mission Statement]]: Explaining the importance of clear and compelling vision and mission statements as the foundation of an organization's strategic direction.
*[[SWOT Analysis]]: Detailing the process of identifying Strengths, Weaknesses, Opportunities, and Threats to inform strategy formulation.
*External Environment Analysis: Covering tools and frameworks for assessing an organization's external environment, such as [[PESTEL Analysis]] (Political, Economic, Social, Technological, Environmental, Legal).
*Internal Analysis: Discussing methods for evaluating an organization's internal resources and capabilities, such as the Resource-Based View (RBV).
*[[Strategy Formulation]]: Exploring various strategies organizations can pursue, such as growth, stability, and retrenchment strategies, and the use of tools like the Ansoff Matrix.
*[[Strategy Implementation]]: Detailing the challenges and considerations in effectively implementing strategies, including resource allocation, organizational structure, and change management.
*[[Strategic Control|Evaluation and Control]]: Explaining how organizations monitor performance, make adjustments to strategies, and ensure alignment with strategic goals through balanced scorecards and other performance management tools.
*[[Competitive Advantage]]: Discussing how organizations can achieve and sustain competitive advantage through cost leadership, differentiation, and focus strategies.
*[[Corporate Governance]]: Highlighting the role of good governance in strategic management, including the responsibilities of boards of directors and ethical considerations.
*[[Strategic Leadership]]: Examining the importance of leadership in setting strategic direction, fostering a strategic culture, and guiding change.
*[[Corporate Social Responsibility (CSR)]]: Discussing how integrating CSR into strategic management can contribute to an organization's reputation, stakeholder satisfaction, and long-term success.
*Global Strategy: Covering considerations for organizations operating in international markets, including global, transnational, international, and multidomestic strategies.
*[[Business Strategy]]





==References==
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