Unit 1: Introduction to Strategic ManagementThe nature and value of strategic management is to achieve the desired results and outcome due to careful research(environmental scanning), planning and development of a company’s strategy as well as the implementation andmaintenance of it (Pearce & Robinson, 2013, p. 3).For this week’s Assignment, you will complete a short answer on the following question:● Why is strategy important to business?● You will want to address the main components of the (three-tier process) of the strategic management processwhile discussing the importance of strategy for business.Be sure to use your reading this week as a resource. You are encouraged also to use the Library databases and theInternet as additional resources.For additional details on this Assignment view the Rubric below.Reference: Pearce, J. A., & Robinson, R. B. (2013). Strategic management: Planning for domestic & global competition. (13th ed.).