Strategic Management ProcessAccording to Managementstudyguide.com, strategic management process has various definitions. A process through which the manager creates a set of chosen strategies for the organization that will help achieve better performance. It is an ongoing process that evaluates the business and sectors in which the organization is involved. Paul Lines (2008) states that “Strategy is a plan that the company uses to achieve its long-term objectives and goals. An essential element of a strategic plan is to gain competitive advantage on a commercial, political and social level. The company needs a strategic management process to ensure its success, but all plans should be managed efficiently and effectively. Strategic management is effective when resources match the needs and expectations of stakeholders. It consists of four main components and these are as follows:A. ENVIRONMENTAL SCANNING Environmental scanning is a way of collecting, examining and providing information for strategic purposes that helps analyze internal and external factors affecting the organization. (Johnson and Scholes, 2005) Provides the information needed to create a corporate mission statement. Observation and communication are two very effective methods. After carrying out the environmental analysis process it is significant to evaluate whether the current strategy is appropriate. If the strategy is inappropriate, then the organization needs to make some changes and this should be done on a continuous basis and strive to improve it.B. STRATEGY FORMULATIONStrategy formulation is a process of choosing the best course of action to realize the organization's objectives and achieve its purpose. The strategy formulation involves a c...... half of the paper ......are as follows:• Continuous upgrading for efficient and environmentally friendly production technology.• Monitor and improve efficiency and l effectiveness of all business processes.• Promote a professional and flexible work environment, teamwork and innovation through employee participation and process ownership.• Initiate customer orientation at all levels throughout within the organization.• Monitor and economize the cost of quality. Strategy Evaluation The company evaluates its performance in the market through SWOT and PEST analyses. Coca Cola implements its strategies based on different market situations and customer response. They will set tactical goals to be in a strong position in the global market. The company develops a control framework for overall management control which gains on its customers by providing satisfaction.