The first component of the strategicmanagementprocess is defining the organization's mission and goals. Strategic management is an ongoing process that involves the formulation,implementation, and evaluation of an organization's strategy to achieve its objectives and goals.It is a continuous process that requires an organization to constantly assess and adjust its strategies to respond to changes in itsenvironment.Strategic management comprises four components or phases: strategic analysis, strategy formulation, strategy implementation, and strategy evaluation. The first component is strategic analysis, which involves identifying and analyzing an organization's internal and external environments to determine its strengths, weaknesses, opportunities, and threats (SWOT analysis). This helps an organization to understand its current position and capabilities and to identify potential future opportunities and threats. Once an organization has completed the strategic analysis, it moves on to the secondcomponent, which is strategy formulation. In this phase, the organization develops its mission, goals, and objectives, and formulates strategies to achieve them. The third component is strategy implementation, which involves putting the strategies into action and managing theresourcesand activities needed to achieve the goals. The final component is strategy evaluation, which involves monitoring and assessing the performance of the strategies to determine their effectiveness and whether they need to be modified or changed altogether.To know more about,managementvisit;brainly.com/question/1276995#SPJ11...

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