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

These are all key elements of the strategy management process. They include setting goals, formulating plans, planning and then evaluating their results. Each component works together in different ways to increase value and create value for organizations. The goal setting process provides clear guidance and establishes expectations that can serve as benchmarks. It also helps to track progress over time.

By creating strategies, you can ensure your objectives are achieved by providing a plan of action that outlines the steps needed to achieve them. These plans allow organizations to implement their ideas and see tangible results. Final, it is important to evaluate the outcomes. This allows organizations to assess whether they are on track and gives feedback about what could be improved.

Each component is important in achieving organization success. However, it’s only by working together that the components can create real value for businesses. Companies that adopt this holistic approach are more likely to be able to take advantage of potential opportunities and ensure long-term sustainability, profitability, while also being able quickly respond to any challenges or threats they face.