Explain the major steps in the strategic management process.

1. Environmental Analysis: This involves conducting a thorough analysis of the external environment, including factors such as market trends, competition, regulatory changes, and technological advancements. It also involves analyzing the internal environment of the organization, including its strengths, weaknesses, resources, and capabilities.

2. Strategy Formulation: Based on the environmental analysis, the organization develops its strategic goals and objectives. This involves identifying the direction the organization wants to go in, as well as the strategies it will use to achieve its goals. This may involve developing a mission statement, setting objectives, and identifying key performance indicators.

3. Strategy Implementation: Once the strategy has been formulated, it needs to be implemented throughout the organization. This involves allocating resources, setting timelines, and assigning responsibilities. It also involves communicating the strategy to all employees and ensuring that they understand their role in achieving the organization's goals.

4. Strategy Evaluation: After the strategy has been implemented, it is important to evaluate its effectiveness. This involves monitoring key performance indicators, comparing actual performance to desired performance, and making adjustments as needed. It may also involve conducting a formal evaluation of the strategy to determine its overall success.

5. Strategy Revision: Based on the evaluation, the organization may need to revise its strategy. This could involve making minor adjustments to the existing strategy or developing a completely new strategy. The organization should be flexible and willing to adapt to changes in the external environment in order to remain competitive.

6. Strategy Control: Finally, the organization needs to establish mechanisms for controlling and monitoring the strategy on an ongoing basis. This may involve setting up regular performance reviews, conducting audits, and ensuring that the organization is on track to achieve its goals. It also involves making adjustments as needed to ensure that the organization remains on course.

Major Steps in the Strategic Management Process:

1. Environmental Scanning:
- Analyze external (e.g., industry, market) and internal (e.g., resources, capabilities) environments to identify opportunities and threats.

2. Strategy Formulation:
- Develop strategic objectives, allocate resources, and choose strategies to achieve organizational goals.
- Involves conducting SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) and evaluating alternative strategies.

3. Strategy Implementation:
- Put the strategy into action by allocating resources, implementing changes, and communicating the plan to stakeholders.
- Requires strong leadership, effective communication, and alignment of organizational processes.

4. Strategy Evaluation and Control:
- Monitor the implementation and performance of the strategy regularly.
- Compare actual results to the planned outcomes and make adjustments as needed.
- Includes conducting performance reviews, financial analysis, and customer feedback.

5. Strategic Reassessment:
- Regularly review and update the strategy based on changing environmental conditions, feedback from the evaluation process, and new opportunities.
- This is an ongoing process that ensures the strategy remains relevant and effective.

Additional Key Steps:

- Mission and Vision Development: Define the organization's purpose, values, and aspirations.
- Stakeholder Analysis: Identify and engage with key stakeholders who have a stake in the organization's success.
- Competitive Analysis: Assess the strengths and weaknesses of competitors to identify competitive advantages.
- Resource Allocation: Determine how resources will be distributed to support strategic initiatives.
- Leadership and Management: Ensure that leaders effectively communicate, motivate, and guide the organization towards achieving strategic goals.