What are the five steps of strategic management?

The five essential steps of strategic management include: (1) Identifying Direction, where organizations establish clear vision and objectives; (2) Analyzing Resources, which involves assessing and allocating appropriate resources for specific tasks; (3) Framing Strategies, developing action plans to accomplish goals; (4) Implementing Strategies, which requires training employees and executing the planned approaches; and (5) Evaluating Effectiveness, the final review process that assesses performance and identifies individual efforts. These steps create a structured approach that helps businesses achieve their objectives through proper planning, resource allocation, and continuous evaluation.