Essence and basic stages of the construction company strategic management

The paper investigates the essence of strategic management and the set of five strategic management stages. This paper addresses this gap and provides an up-to-date review of strategic management research. Strategic management researches from 1962 to present time are reviewed and a modern and broad conceptualization of strategic management is adopted. While there is some awareness of effective strategic management processes, academic research has not kept pace with practice. To stimulate a resurgence of research interest, future research directions are provided. Strategic management is the process where managers establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all the relevant internal and external circumstances, and undertake to execute the chosen action plans. Also this paper investigates set of five strategic management stages, such as analysis of environment, determinations of targets, strategy selection, strategy implementation and assessment and control over implementation. A methodological introspection is observed and some new research methodologies are presented, which are critically important in researching the strategic management in turbulent and nonlinear construction company environment.