Bangladesh has three stages which are strategic analysis; strategic formulation and strategic implementation (refer to Appendix I for graph). AIUB (n.d.) argued that these processes are highly interdependent and success might be achieved only if all of them succeed. Starting from strategic analysis, originally it has only four components and one more step shall be added to strategic analysis stage which is evaluating the previous three components, whether it achieves the goals or not (find support why is it necessary to add one more step). Strategy formulation is the second stage whereby internet strategies come before international strategies. The steps of this stage include formulating business-level, corporate-level, internet, and international strategies. Finally the last stage is the strategy implementation stage. At this stage, a firm shall focus on strategic controls, organisation design, strategic leadership regarding excellence, ethics and change and also strategic leadership on fostering entrepreneurship.
             With the way the strategic management process has been designed, preceding companies that follow them accordingly will succeed. In this context, succeed means the company understands and it is ready to face the challenges within the firm and industry and to remain competitive. It is important to follow these stages in accordance because they are closely inter-related, thus if one change happens, it will affect the overall strategic management process (Parnell, 2008). Yet, identifying goals and objectives to analyze the external and internal environment are also essential to develop the appropriate strategies. For example, without having a clear objective, a company does not know what they are trying to pursue simply because the employees do not have a common goal to be achieved. Besides, company should also know their resources and capabilities as well as their strength and weaknesses, so that the organisation is aware ...