What is the role of each component of the strategic management process in determining overall enterprise performance?

Strategic Management is comprised of nine critical tasks (Pearce & Robinson, 2013, p. 3):
1. Formulate the company’s mission, including broad statements about its purpose, philosophy, and goals.
2. Conduct an analysis that reflects the company’s internal conditions and capabilities.
3. Assess the company’s external environment, including both the competitive and the general contextual factors.
4. Analyze the company’s options by matching its resources with the external environment.
5. Identify the most desirable options by evaluating each option in light of the company’s mission.
6. Select a set of long-term objectives and grand strategies that will achieve the most desirable options.
7. Develop annual objectives and short-term strategies that are compatible with the selected set of long-term objectives and grand strategies.
8. Implement the strategic choices by means of budgeted resource allocations in which the matching of tasks, people, structures, technologies, and reward systems is emphasized.
9. Evaluate the success of the strategic process as an input for future decision making.

These nine tasks go into the creation of the strategic management model (Pearce & Robinson, 2013, p. 11). This model is an excellent layout of the process, starting with the company mission. The company mission is more than just the who or what of the company and its products, it is the company’s why. Why does the company exist to make this product(s). Based on the who, what and why of the mission statement, the path bifurcates to external environment and internal analysis. This stage looks at the external forces that may impact the company and the internal capabilities currently available in the company. These forces and capabilities are assessed