Final answer:
The correct answer to the question about the components of the strategic management process is 'c. SWOT analysis'. This tool assesses internal and external factors that influence an organization's strategic positioning.
Step-by-step explanation:
The student has inquired about the components of the strategic management process. One of the major components of this process is c. SWOT analysis. A SWOT analysis is a framework for identifying and analyzing the internal and external factors that can have an impact on the viability of a project, product, place, or person. The acronym SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. This tool is used by businesses to position themselves strategically by considering their internal capabilities (strengths and weaknesses) and external possibilities or challenges (opportunities and threats).Overall, the strategic management process consists of several steps, and SWOT analysis is critical among them because it helps organizations to align their strategies with their environment. Specific components of a strategic management process often include defining the organization's vision and mission, conducting an environmental scan which incorporates a SWOT analysis, formulating strategies, implementing those strategies, and then evaluating and controlling them. Other components might include stakeholder analysis and technology assessment, but these are not typically considered one of the six core steps.In conclusion, among the options provided, 'SWOT analysis' is the correct answer as it is one of the six major components of the strategic management process.