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is an iterative process framework for organizing myriad information flows, analyses, issues, and opinions that coalesce into strategic decisions. There are four stages to this process:
—the analysis of internal and environmental factors that influence business performance, combined with a comparison of past performance relative to objectives and expectations
—identification of key issues that have a major impact on performance and the generation of creative strategic options for dealing with each issue
—selection of strategic thrust, choices of options, and allocation of resources in light of mutually acceptable objectives
—ongoing activities that translate strategic decisions into specific programs, projects, and near-term functional action plans
The process is iterative because the implementation phase will eventually be followed by a revised situation assessment.
American Marketing Association.
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