I had already explained and described the historical evolution of business strategy and said that strategic management is carried out through a process of strategic management. So, you will find organisations devise various methods for strategy formulation. The strategic management formulation and implementation methods vary with product profile, company profile, the environment within and outside the organisation, and various other factors. Large organisations which use sophisticated planning use detailed strategic management models whereas smaller organisations where formality is low use simpler models. Small businesses concentrate on planning steps compared to larger companies in the same industry. Large firms have diverse products, operations, markets, and technologies and hence they have to essentially use complex systems. In spite of the fact that companies have different structures, systems, product profiles, etc, various components of models used for analysis of strategic management are quite similar.
You must have observed that different thinkers have defined business strategy differently, yet there are some common elements in the way it is defined and understood.The strategic management consists of different phases, which are sequential in nature.