Thompson’s and Martin’s Strategic Management Framework
What is Thompson’s and Martin’s Strategic Management Framework
Thomson and Martin's strategic management framework is a model that outlines the steps in the strategic management process. The strategic management process involves analyzing the organization's internal and external environment, identifying strategic opportunities and threats, formulating and implementing strategies, and evaluating the effectiveness of those strategies.
The framework consists of five steps:
- Environmental analysis: This step involves identifying and analyzing the organization's internal and external environment. This includes assessing the organization's strengths and weaknesses, as well as the opportunities and threats that it faces in the external environment.
- Strategy formulation: This step involves developing and choosing strategies that will help the organization achieve its goals and objectives. This may involve analyzing different options and selecting the one that is most likely to be successful.
- Strategy implementation: This step involves putting the chosen strategies into action. This may involve making changes to the organization's operations, structure, and culture, as well as allocating resources and implementing new processes.
- Strategy evaluation and control: This step involves monitoring and measuring the effectiveness of the chosen strategies, and making any necessary adjustments to ensure that they are achieving the desired results.
- Strategic renewal: This step involves reviewing and updating the organization's strategies on a regular basis to ensure that they remain relevant and effective in the face of changing circumstances.
Thomson and Martin's strategic management framework is a useful tool for helping organizations to effectively manage their resources and navigate the challenges of the external environment in order to achieve their goals and objectives.