Identify the major components of the strategic management process. Discuss how these components work together to create value for the organization.

Setting goals, formulating plans, implementing them, and evaluating the outcomes are all major elements of strategic management. The components of strategic management work in concert to add value for the organization. Goals provide a direction, set expectations and can also be used to gauge success over time.

Strategising helps to ensure objectives can be reached by developing a plan of action that includes specific actions to take. These plans allow organizations to start seeing results and put ideas into action. Evaluation of outcomes allows organizations to assess whether they’ve reached the desired goal and also provide feedback about what might need improving.

Each component is important in achieving success for an organization, but only by working together can they create real value. The holistic approach helps companies take advantage of new opportunities, while ensuring sustainability and long-term profits.