The document outlines the basic model of strategic management which includes 4 main elements: environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Environmental scanning involves monitoring internal and external factors. Strategy formulation is the development of long-range plans including defining the mission, objectives, strategies, and policies. Strategy implementation is putting strategies and policies into action through programs, budgets, and procedures. Evaluation and control monitors performance to compare it against desired performance and identify triggering events that may require a change in strategy.