Q1: What are the three major components in strategic management?

Explain in detail these

components with the associated elements
Strategic management consists of three main components as described below :
1-Formulation
Strategy formulation consists of determining the organizations mission, goals and objectives
and selecting or crafting an appropriate strategy. Strategy formulation (also known as strategy
planning) involves making strategic decisions concerning the organizations mission,
philosophy, objectives, policies and methods of achieving organizational objectives
(Alkhafaji, 2011, p. 33).
2-Implementation
Strategy implementation is concerned with making a variety of managerial decisions such as
the type of organizational structure, the type and source of information systems, leadership
fit, and the type of control mechanism that should be employed (Alkhafaji, 2011, p. 33).
3-Evaluation
Evaluation and control is concerned with the evaluation systems (which consists of
comparing the predicted results to the actual results) that are to be used to ensure the
operation of strategic planning to effectively achieve the organizations objectives (Alkhafaji,
2011, p. 33).
Alkhafaji, A. (2011). Strategic management: Formulation, implementation, and control in a
dynamic environment. New York NY : Routledge
20 marks