The four phases of strategic management cover, as put by Harvard Business School, meeting the budget, predicting the future, thinking strategically, and creating the future. Other terminology is:
- evaluating the environment
- formulating strategy
- implementing the strategy
- evaluating the implementation of strategy
Legal teams are critical in strategic management phases because there are laws governing financial allocations (e.g., tax laws); there are laws governing business interface with the environment (e.g., toxic waste laws, environmental impact laws); there are laws regulating land use (e.g., nature sanctuaries); there are laws governing ethical and credible international business interactions (e.g., fair trade laws).