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

The major components of the strategic management process include setting goals, formulating strategies, implementing plans, and evaluating outcomes. These components work together to create value for an organization in a variety of ways. Setting goals provides a clear direction and sets expectations which can be used as benchmarks for success while also helping gauge progress over time.

Formulating strategies helps ensure that objectives are achievable by providing a structured plan of action with specific steps that need to be taken in order to reach them. Implementing these plans allows organizations to put their ideas into motion and start seeing tangible results from their efforts. Finally, evaluating outcomes is essential as it permits organizations to determine whether or not they have reached their desired destination while also giving feedback on what may need improvement thus aiding in future decision making processes.

Overall, each component plays an important role when it comes down to achieving organizational success however it is only through working together that they can effectively help create value for the business. By utilizing this holistic approach companies are better able take advantage of opportunities ensuring long-term sustainability and profitability while still being able to respond quickly any threats or challenges they may face along the way.