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.