What step follows the 'Formulate Plan' phase in the strategic management process?

The next step that follows the 'Formulate Plan' phase in the strategic management process is to 'Implement Plan.' This phase involves putting the formulated strategies and plans into action, ensuring that the resources are allocated effectively and that everyone in the organization is aligned and aware of their roles in executing the strategy. Implementation is crucial because even the best strategies will not yield results unless they are acted upon. During this stage, managers may need to adjust organizational structures, communicate plans to employees, and set specific actions to achieve the strategic goals outlined during the formulation phase.

The emphasis here is on translating the theoretical components of planning into practical and actionable steps, which is why this phase is significantly associated with achieving desired outcomes in the strategic management process.