"Explore the significance of strategic management in today's competitive business landscape. Define the concept of strategic management and its fundamental components, including formulation, implementation, and evaluation. Discuss the role of strategic planning in enabling organizations to achieve their long$-$term goals and gain a sustainable competitive advantage. Analyze the impact of environmental scanning, SWOT analysis, and other strategic management tools in the decision$-$making process. Evaluate the challenges that businesses may encounter during the strategic management process and propose strategies to overcome these challenges. Furthermore, illustrate how effective strategic management aligns organizational resources, capabilities, and core competencies to navigate uncertainties and drive success in a dynamic global market."

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