Describe and define the primary components of the Strategic Management Process.

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It is a method that helps organizations to identify the areas in which they can improve their performance or achieve long-term objectives. The Strategic Management Process is a process that involves several steps to help set strategy and make decisions, including evaluating current conditions, formulating options, and implementing plans.

This process is divided into four major components:

1) Analysis: The first step entails carrying out in-depth research about the company’s current state in order to gain better understanding about its strengths weaknesses plus any potential opportunities or threats present.

2) Formulation of a strategy: After gathering sufficient information, decision-makers can start exploring alternative strategies that take into consideration their environment and internal resources.

Implementation: This stage involves the implementation of strategies through a variety of means, such as restructuring or introducing products/services. This stage is where you should prepare well to avoid any surprises.

4) Evaluation & Control: The final phase includes monitoring progress made towards achieving desired outcomes while also regularly assessing if necessary adjustments are required with regards to existing tactics being employed. It is important to ensure the targets set are met, while also allowing for flexibility in response to changing conditions over time.

By adhering to the process of strategic management, companies will increase their chances for success in achieving short and long term results. This can help them keep up with competition.