What Are the Steps in Strategic Planning & Management?

There are many different frameworks and methodologies for strategic planning and management. While there are no absolute rules regarding the right framework, most follow a similar pattern and have common attributes. Many frameworks cycle through some variation on some very basic phases:
1) Analysis or assessment, where an understanding of the current internal and external environments is developed,
2) Strategy formulation, where high-level strategy is developed and a basic organization level strategic plan is documented
3) Strategy execution, where the high-level plan is translated into more operational planning and action items, and
4) Evaluation or sustainment/management phase, where ongoing refinement and evaluation of performance, culture, communications, data reporting and other strategic management issues occurs.