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Section 6.2 discusses the strategic-management process. This process has five-steps: 1) Establish the mission and the vision; 2) Assess the current reality; 3) Formulate the grand strategy; 4) Implement the strategy; and 5) Maintain strategic control. All the steps may be affected by feedback that enables the taking of corrective action.
Watch: To help you better understand the strategic management process, watch the Harvard Business Review video “Why So Few Managers Understand Their Company’s Strategy (Links to an external site.).”