How are the functional areas of international business and administration important to the four phases of strategic management?
The phases of strategic management progress in a cycle that feeds back on itself, it involves:
1.) Defining the goals
2.) Strategy formulation
3.) Strategy implementation
4.) Strategy analysis and evaluation
Throughout this process, feedback is elicited from the key stakeholders at every stage within the cycle. The conduct of international business functions or operations require a great deal of strategic management and planning. This is how the two concepts interrelate with each other, as strategic planning is needed for the execution of international business initiatives. Take for example the acquisition of a foreign company, such an action would require a great deal of goal setting, strategy, implementation and evaluation.