1. Describe eight-step strategic decision-making processand develop an essay that explainsA.the overall process and the steps found in this schematic. In your essay explain the process - give an overview of the SMP and its purpose. Then,B.explain each major stepinthe process and within each step explain the analysis and reasoning inbackof that analysis. Also,C.don't forget the interrelatedness of the steps within the overall process.D.Examples, where appropriate, will enhance your essay, especially from the cases we have analyzed in this course.The purpose of this question is to test your understanding of strategy development and the events leading to it - the big picture. I am looking for your understanding of the major steps of the SMP, the connectivity between the major pieces, and the potential iterations up and down the SMP chain.E.Don't forget to close the "loop" - where implementation, evaluation and controls fit into the process and include why they are important.F.List and define the seven tools, where they are used and why they are useful.NOTE:The answer isNOTat the bottom of page 14, Figure 1-1.