Definition
The strategic management process integrates formulation (analysis, choices), implementation (execution), and evaluation (learning, control) into a continuous loop.

Introduction
Strategy isn’t a document; it’s a cycle. Firms that institutionalize this loop adapt faster and compound advantage.

Explanation

Formulation

Diagnose (scans), define problems/opportunities, generate alternatives.

Choose: corporate scope, business positioning, functional plays; set objectives & metrics.

Implementation

Structure (org design), systems (planning, budgeting, incentives), and style (culture).

Programs/initiatives with owners, timelines, resources; OKRs/BSC for alignment.

Evaluation & Control

Track KPIs, do strategy reviews, run post-mortems and pre-mortems.

Trigger corrective actions: reallocate capital, pivot, or exit.

Learning Architecture

A/B pilots, real-options staging, sequential bets; knowledge management.

Key Takeaways

Tighten the loop; shorten hypothesis-to-learning time.

Assign clear owners; link incentives to strategic outcomes.

Treat strategy as a system, not an annual ritual.

Real-World Case
Airbnb institutionalized fast cycles—region tests (formulation), product rollouts (implementation), and data-led reviews (evaluation)—to navigate COVID shocks and re-focus on core stays.
Reference: https://www.airbnb.com