Strategic Management Process Based on Key Factors

Abstract

There are numerous definitions and interpretations of the strategic management process. Most of them amount to a cycle of actions aimed at developing a strategy or a complex of strategies to solve the existing problems and achieve the intended goals. However, in the modern economic environment, the requirements that a successful company must meet are transformed. Thus, a strategy is not always enough to ensure company competitiveness. This study examines a system of key factors of strategic management, paying particular attention to the understanding of the strategic management process based on the reevaluation of a company’s resource capabilities. Aim. This study aims to develop a strategic management process aimed at sustainable reformation of an organization based on the use of specific resource capabilities of the company. Results. Basic features of the external environment common for profit-oriented businesses under modern conditions are specified. Updated contents of the sequence of application of key factors of strategic management are presented. A radial form of the strategic management process is developed based on the key factors of strategic management, and a detailed description of such representation is provided.