Final answer:
Strategic management is the process used by managers to adapt a company to its market and sociopolitical environments through goal formulation and implementation of effective strategies.
Step-by-step explanation:
The actions taken by managers to adapt a company to changes in its market and sociopolitical environments are referred to as strategic management. Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company's executives on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes. It is a comprehensive and ongoing management process aimed at formulating and implementing effective strategies to help an organization achieve its objectives and gain a competitive advantage.