The process of environment scanning, strategy formulation, strategy implementation, and strategy evaluation forms a continuous loop as follows:
Environment Scanning: The process starts with the analysis of both internal and external factors that could impact an organization’s performance.
Strategy Formulation: Based on the results of environmental scanning, specific objectives are established, and strategies are formulated to achieve them.
Strategy Implementation: Once strategies have been identified, they are implemented through resource allocation, budgeting, hiring new staff or training existing staff etc.
Strategy Evaluation: Regular evaluations are conducted to monitor progress towards achieving goals and determine whether adjustments need to be made in strategy or tactics based on feedback from stakeholders.
Once the cycle is complete, it begins again by revisiting the environment scanning phase. As the environment changes over time due to various internal and external factors like new technology developments or changing market trends; organizations must re-evaluate their strategies regularly to ensure they remain relevant and aligned with stakeholder interests.
This continuous loop ensures that organizations remain agile while adapting to changing circumstances while keeping up with competition for long-term success.
