After reading this chapter, you should have a good understanding of the following learning objectives: The definition of strategic management and its four key attributes, the strategic management process and its three interrelated and principal activities, the vital role of corporate governance and stakeholder management, as well as how "symbiosis" can be achieved among an organization's stakeholders. | Chapter One Strategic Management: Creating Competitive Advantages After studying this chapter, you should have a good understanding of: the definition of strategic management and its four key attributes the strategic management process and its three interrelated and principal activities why stakeholder management is so critical in the strategic management process and how “symbiosis” can be achieved among an organization’s stakeholders the key environmental forces that are creating more unpredictable change and requiring greater empowerment throughout the organization how an awareness of a hierarchy of strategic goals can help an organization to achieve coherence in its strategic direction Learning Objectives TRANSPARENCY- Definition: “Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages.” Key Attributes of Strategic Management: Directs the organization toward overall goals and . | Chapter One Strategic Management: Creating Competitive Advantages After studying this chapter, you should have a good understanding of: the definition of strategic management and its four key attributes the strategic management process and its three interrelated and principal activities why stakeholder management is so critical in the strategic management process and how “symbiosis” can be achieved among an organization’s stakeholders the key environmental forces that are creating more unpredictable change and requiring greater empowerment throughout the organization how an awareness of a hierarchy of strategic goals can help an organization to achieve coherence in its strategic direction Learning Objectives TRANSPARENCY- Definition: “Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages.” Key Attributes of Strategic Management: Directs the organization toward overall goals and objectives. Involves the inclusion of multiple stakeholders in decision making. Needs to incorporate short-term and long-term perspectives. Recognizes tradeoffs between efficiency and effectiveness. Strategic Management Concepts Exhibit TRANSPARENCY- The Strategic Management Process Chapter 1 Analyzing Goals and Objectives Chapter 2 Analyzing the External Environment Chapter 3 Analyzing the Internal Environment Chapter 4 Assessing Intellectual Capital Chapter 5 Formulating Business-Level Strategies Chapter 7 Formulating International Strategies Chapter 6 Formulating Corporate-Level Strategies Chapter 8 Formulating Internet Strategies Chapter 9 Implementation: Strategic Controls Chapter 10 Implementation: Organization Design Chapter 11 Strategic Leadership: Excellence, Ethics, and Change Chapter 12 Strategic Leadership: Fostering Entrepreneurship Strategy Analysis Strategy Formulation Strategy Implementation Chapter 13 Case Analysis Exhibit TRANSPARENCY- Excellent versus Poor
