The strategic management process involves several steps: 1) analyzing internal strengths and weaknesses as well as external opportunities and threats, 2) formulating a vision, mission, objectives and goals, 3) developing strategic alternatives, 4) selecting the best strategy, 5) implementing the strategy, and 6) evaluating and controlling the strategy through feedback. The document provides details on each step of the process and uses Hero Honda as an example to illustrate setting goals to increase market share.