Final answer:
The 'review and define the organizational mission' component identifies 'what the organization wants to become', providing a foundational vision that guides strategic development and aligns with the organization's values and purpose.
Step-by-step explanation:
The review and defining of the organizational mission component of the strategic management process is foundational in setting the stage for strategy development and overall organizational direction. This component typically identifies what the organization wants to become, which captures the organization's purpose, philosophy, and values and serves as a guide in subsequent strategic decisions. Answering 'what we want to become' provides a framework for setting objectives, formulating strategies to achieve those objectives, and implementing the strategies through projects.
Formulating a robust organizational mission is an essential part of achieving alignment between the company's vision and its strategic actions. It does not directly address what needs to be done to achieve the objectives, how strategies will be realized, or specify the product or service offered. Instead, it acts as a declaration of the company's long-term intent and identity, focusing on future aspirations rather than immediate plans or offerings.