Explain in detail the strategic management model in below picture.

Environmental Scanning: Gathering Information External: Mission Strategy Formulation: Developing Long-range Plans Strategy Implementation: Putting Strategy into Action Evaluation and Control: Monitoring Performance Opportunities and Threats Reason for existence Natural Environment: Resources and climate Societal Environment: General forces Task Environment: Industry analysis Internal: Strengths and Weaknesses Structure: Chain of command Culture: Beliefs, expectations, values Resources: Assets, skills, competencies, knowledge Objectives What results to accomplish by when Strategies Plan to achieve the mission & objectives Policies Broad guidelines for decision making Programs Activities needed to accomplish a plan Budgets Cost of the programs Procedures Feedback/Learning: Make corrections as needed Sequence of steps needed to do the job Performance Actual results