what is strategic management process essay

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How to implement a strategic management process

Strategic management is the ongoing process of strategy formulation, evaluation, and improvement in order to gain a competitive advantage. Learn about the five stages of strategic management and how implementing a strategic management process benefits your organization.

Clear eyes, full hearts, can’t lose. When your team has a clear sense of where you’re going and why, they’re empowered to get their best work done efficiently and effectively.

But building that level of clarity takes time—and effort. That’s where strategic management comes in. In this article, we’ll take a look at what strategic management is and how your team can benefit from the strategic management process.

What is strategic management?

Strategic management is the organization and execution of business resources in order to achieve your company goals. This isn’t an individual initiative but rather an ongoing process of strategy formulation, evaluation, and improvement in order to gain a sustainable competitive advantage.

The strategic management process includes:

Long-term, large-scale goal setting, like BHAGs

SWOT analysis

Strategy evaluation

Internal analysis of your organizational structure

Analysis of your external, competitive environment

Strategic planning

Process implementation plans to achieve your organization’s objectives

Competitive strategy implementation

Strategic management might sound similar to several other critical business elements. Here’s how it stacks up in the business environment.

Strategic management vs. strategy

At first glance, strategic management and strategy seem like the same thing. The easiest way to differentiate between the two is to think of strategic management as the implementation of your corporate strategy.

In a business setting, strategy is the process of formulating decisions to hit your organization’s goals. An effective strategy is critical to help your business team understand what your priorities are and where you’re going. But to put the strategy into motion, you need strategic management. Strategic management takes your competitive environment into account and factors in how you’ll execute against your company’s strategy.

Strategic management vs. strategic planning

A strategic plan is a tool to define where your organization wants to go and what actions you need to take to achieve those goals. Strategic planning is the process of creating a plan in order to hit your strategic objectives.

Strategic management includes the strategic planning process, but also goes beyond it. In addition to planning howyou will achieve your big-picture goals, strategic management also helps you organize your resources and figure out the best action plans for success.

Strategic management vs operational management

Even though the terms are very different, strategic management is often confused with operational management. Operational management is what your company does. This includes your organization’s value chain—in other words, the processes and practices your organization does on a regular basis in order to deliver a final product, good, or service.

If operational management is the “what,” strategic management is the “why” and “how.” To start, strategic management helps you define why you’re prioritizing different business initiatives and what you’re aiming to achieve in the long term. Then, during the implementation and planning phase, strategic management also defines how you’ll achieve your goals.

Strategic management example

Strategic management helps companies achieve ambitious goals that require strategic alignment across departments.

For example, imagine your company is introducing a brand new service line and wants to implement a strategic management process to ensure execution goes smoothly. You’ll first want to evaluate a few things about your current processes and future goals.

What are the goals of introducing a new service?

What areas have we struggled with in the past?

What is our budget?

How can we differentiate ourselves in our industry?

By using the strategic management process, you can use the questions above to create a coordinated plan that helps you reach your target goals. Keep reading as we break down the five stages of the strategic management process along with some benefits strategic management can have for your organization.

5 stages of the strategic management process

The important concepts of strategic management can be viewed in five stages:

1. Identify your goals

The first step in the strategic management process is to evaluate where you’re going, and why. Ideally, you already have some goal materials in place, including:

Your vision statement

Your mission statement

Your long-term goals and/or BHAGs

Your company’s core competencies

There are additional documents you can consider at this point, including:

Your strategic plan

Your yearly objectives, OKRs , and KPIs

It’s critical to identify your goals and plans in order to understand how you’re going to achieve them. Your goals form the basis of your strategic decisions.

2. Analyze your current situation

Once you’ve compiled a list of where you want to go, it’s helpful to get a bearing on where you are. The second step of strategic management is to take a look inwards at your current processes. If you haven’t already, run a SWOT analysis to get a better understanding of your organization’s strengths, weaknesses, opportunities, and threats.

Also consider:

What’s currently working?

What competitive advantages does your company have?

What isn’t working?

What, if any, operational issues have you run into?

What is your current market share, and how does it compare to your goals?

What are your current business needs, and are they being met?

What, if anything, could potentially impact your organization’s goals?

How does the external environment (including public opinion and the competitive environment) impact your business?

How does your internal environment (including your operations, employee retention and satisfaction, and team morale ) impact your business?

What does your organization need to do to achieve profitability?

3. Form your strategy

If you haven’t already, this is the step where you build your strategic plan to describe exactly where you want to go and how you plan to achieve those goals. Depending on your organization, and whether or not you’re a new business, this is also when you’d use business process management (BPM) to improve processes.

Key questions to ask during this stage include:

What steps do you need to take to reach your goals?

How will you measure success?

What are your current processes, and are you able to achieve your goals with them?

4. Implement your strategy

You’ve identified your strategy—now it’s time to put it into action. The fourth step of the strategic management process takes the longest. This is where you implement your strategic plan and see it come to life.

This step depends largely on your business strategy. Essentially, you’re deciding which processes you need to evaluate, monitor, and improve—and putting those process improvement plans into action. This includes anything from better resource allocation or implementing business process automation (BPA) to streamline processes, to developing a company-wide project management office (PMO) .

Remember that implementing your strategy is a long-term process. In addition to your long-term strategic goals , make sure to set short-term goals to guide your strategy implementation and make sure you remain on track.

5. Evaluate your process

Strategic management isn’t a one-and-done thing. Your management strategy and business environment also change as your company matures. Similar to how you should revisit your strategic plan every three to five years, make sure you’re revisiting your overall strategic management plan regularly as well. Take into consideration any new potential threats, relevant success metrics, and developing avenues your business may want to pursue.

Strategic management frameworks

There are a number of frameworks that can help you approach strategic management. Some of the most popular include:

A SWOT analysis guides you in identifying your strengths, weaknesses, opportunities, and threats for your business strategy. When working through the strategic management process, factor a SWOT analysis into the “Analyze” phase, as it helps establish your baseline and where you can go from there.

Balanced scorecard

A balanced scorecard can help you evaluate four major elements of a business: learning and growth, business processes, customer satisfaction, and financial performance. By analyzing these aspects separately, you can visualize where your organization has a competitive advantage and where you can make improvements.

Like a SWOT analysis, this framework can help you during the “Analyze” phase, as it dives into your baseline for each aspect of your business model.

Value chain analysis

The value chain describes the systems and processes involved in producing new products or services. Analyzing the value chain allows organizations to identify opportunities for improvement within the project life cycle. Some questions that come from value chain analysis include:

Is there an opportunity for cost reduction?

Can we streamline this process?

What can we do to make our product or service different from competitors?

Diving into a value chain analysis will help you pick apart your process and add more specific plans to your strategic management process.

Why is strategic management important?

Strategic management benefits every level of your organization. While the process takes time, energy, and effort, the upsides are immense and echo throughout the entire organization. With effective strategic management, you’re building:

Clear plans on how you’ll reach organizational goals

At its core, strategic management is a roadmap for achieving company goals. Using the frameworks stated above, strategic management paints a clear picture of an organization’s goals and outlines the path to reach them.

A team-wide understanding of organizational priorities

The strategic management process ensures that your goals align with what’s best for your organization. By diving into techniques like SWOT analyses and value chain analyses, you’ll discover what opportunities should be at the forefront of your improvement efforts.

Strategic alignment across the organization

When you establish and communicate your company’s goals and priorities, strategic improvement will trickle down from the leadership level to the whole organization.

The strategic management process is so effective because it takes strategic initiatives from ideation to execution. By establishing the right goals in the first stage of the process, you’ll find your whole organization aligned with the plan to achieve them.

An ongoing business process

Perhaps the most beneficial aspect of the strategic management process is that it creates a system that is ongoing. The end result of the strategic management process should be a new system that you can tweak as your company evolves.

Reach new heights with strategic management

Strategic management doesn’t happen in a vacuum. You need key business units and project stakeholders to buy into your strategic plan. Effective strategic management permeates all levels of your organizational structure and factors in all of your organization’s resources in order to build the best long-term strategy for your business.

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1.2 Defining Strategic Management and Strategy

Learning objectives.

Learn what strategic management is.
Understand the key question addressed by strategic management.
Understand why it is valuable to consider different definitions of strategy.
Learn what is meant by each of the 5 Ps of strategy.

What Is Strategic Management?

Issues such as those currently faced by Apple are the focus of strategic management because they help answer the key question examined by strategic management —“Why do some firms outperform other firms?” More specifically, strategic management examines how actions and events involving top executives (such as Steve Jobs), firms (Apple), and industries (the tablet market) influence a firm’s success or failure. Formal tools exist for understanding these relationships, and many of these tools are explained and applied in this book. But formal tools are not enough; creativity is just as important to strategic management. Mastering strategy is therefore part art and part science.

This introductory chapter is intended to enable you to understand what strategic management is and why it is important. Because strategy is a complex concept, we begin by explaining five different ways to think about what strategy involves ( Table 1.1 “Defining Strategy: The Five Ps” ). Next, we journey across many centuries to examine the evolution of strategy from ancient times until today. We end this chapter by presenting a conceptual model that maps out one way that executives can work toward mastering strategy. The model also provides an overall portrait of this book’s contents by organizing the remaining nine chapters into a coherent whole.

Defining Strategy: The Five Ps

Defining strategy is not simple. Strategy is a complex concept that involves many different processes and activities within an organization. To capture this complexity, Professor Henry Mintzberg of McGill University in Montreal, Canada, articulated what he labeled as “the 5 Ps of strategy.” According to Mintzberg, understanding how strategy can be viewed as a plan, as a ploy, as a position, as a pattern, and as a perspective is important. Each of these five ways of thinking about strategy is necessary for understanding what strategy is, but none of them alone is sufficient to master the concept (Mintzberg, 1987).

Table 1.1 Defining Strategy: The Five Ps

Strategy as a Plan

Strategic plans are the essence of strategy, according to one classic view of strategy. A strategic plan is a carefully crafted set of steps that a firm intends to follow to be successful. Virtually every organization creates a strategic plan to guide its future. In 1996, Apple’s performance was not strong, and Gilbert F. Amelio was appointed as chief executive officer in the hope of reversing the company’s fortunes. In a speech focused on strategy, Amelio described a plan that centered on leveraging the Internet (which at the time was in its infancy) and developing multimedia products and services. Apple’s subsequent success selling over the Internet via iTunes and with the iPad can be traced back to the plan articulated in 1996 (Markoff, 1996).

A business model should be a central element of a firm’s strategic plan. Simply stated, a business model describes the process through which a firm hopes to earn profits. It probably won’t surprise you to learn that developing a viable business model requires that a firm sell goods or services for more than it costs the firm to create and distribute those goods. A more subtle but equally important aspect of a business model is providing customers with a good or service more cheaply than they can create it themselves.

Consider, for example, large chains of pizza restaurants such as Papa John’s and Domino’s.

Franchises such as Pizza Hut provide an example of a popular business model that has been successful worldwide.

Wikimedia Foundation – CC BY 2.0.

Because these firms buy their ingredients in massive quantities, they pay far less for these items than any family could (an advantage called economies of scale ). Meanwhile, Papa John’s and Domino’s have developed specialized kitchen equipment that allows them to produce better-tasting pizza than can be created using the basic ovens that most families rely on for cooking. Pizza restaurants thus can make better-tasting pizzas for far less cost than a family can make itself. This business model provides healthy margins and has enabled Papa John’s and Domino’s to become massive firms.

Strategic plans are important to individuals too. Indeed, a well-known proverb states that “he who fails to plan, plans to fail.” In other words, being successful requires a person to lay out a path for the future and then follow that path. If you are reading this, earning a college degree is probably a key step in your strategic plan for your career. Don’t be concerned if your plan is not fully developed, however. Life is full of unexpected twists and turns, so maintaining flexibility is wise for individuals planning their career strategies as well as for firms.

For firms, these unexpected twists and turns place limits on the value of strategic planning. Former heavyweight boxing champion Mike Tyson captured the limitations of strategic plans when he noted, “Everyone has a plan until I punch them in the face.” From that point forward, strategy is less about a plan and more about adjusting to a shifting situation. For firms, changes in the behavior of competitors, customers, suppliers, regulators, and other external groups can all be sources of a metaphorical punch in the face. As events unfold around a firm, its strategic plan may reflect a competitive reality that no longer exists. Because the landscape of business changes rapidly, other ways of thinking about strategy are needed.

Strategy as a Ploy

A second way to view strategy is in terms of ploys. A strategic ploy is a specific move designed to outwit or trick competitors. Ploys often involve using creativity to enhance success. One such case involves the mighty Mississippi River, which is a main channel for shipping cargo to the central portion of the United States. Ships traveling the river enter it near New Orleans, Louisiana. The next major port upriver is Louisiana’s capital, Baton Rouge. A variety of other important ports exist in states farther upriver.

Many decades ago, the governor of Louisiana was a clever and controversial man named Huey Long. Legend has it that Long ordered that a bridge being constructed over the Mississippi River in Baton Rouge be built intentionally low to the ground. This ploy created a captive market for cargo because very large barges simply could not fit under the bridge. Large barges using the Mississippi River thus needed to unload their cargo in either New Orleans or Baton Rouge. Either way, Louisiana would benefit. Of course, owners of ports located farther up the river were not happy.

Ploys can be especially beneficial in the face of much stronger opponents. Military history offers quite a few illustrative examples. Before the American Revolution, land battles were usually fought by two opposing armies, each of which wore brightly colored clothing, marching toward each other across open fields. George Washington and his officers knew that the United States could not possibly defeat better-trained and better-equipped British forces in a traditional battle. To overcome its weaknesses, the American military relied on ambushes, hit-and-run attacks, and other guerilla moves. It even broke an unwritten rule of war by targeting British officers during skirmishes. This was an effort to reduce the opponent’s effectiveness by removing its leadership.

Centuries earlier, the Carthaginian general Hannibal concocted perhaps the most famous ploy ever.

Hannibal’s clever use of elephants to cross the Alps provides an example of a strategic ploy.

Wikipedia – public domain.

Carthage was at war with Rome, a scary circumstance for most Carthaginians given their far weaker fighting force. The Alps had never been crossed by an army. In fact, the Alps were considered such a treacherous mountain range that the Romans did not bother monitoring the part of their territory that bordered the Alps. No horse was up to the challenge, but Hannibal cleverly put his soldiers on elephants, and his army was able to make the mountain crossing. The Romans were caught completely unprepared and most of them were frightened by the sight of charging elephants. By using the element of surprise, Hannibal was able to lead his army to victory over a much more powerful enemy.

Ploys continue to be important today. In 2011, a pizzeria owner in Pennsylvania was accused of making a rather unique attempt to outmaneuver two rival pizza shops. According to police, the man tried to sabotage his competitors by placing mice in their pizzerias. If the ploy had not been discovered, the two shops could have suffered bad publicity or even been shut down by authorities because of health concerns. Although most strategic ploys are legal, this one was not, and the perpetrator was arrested (Reuters, 2011).

Strategy as a Pattern

Strategy as pattern is a third way to view strategy. This view focuses on the extent to which a firm’s actions over time are consistent. A lack of a strategic pattern helps explain why Kmart deteriorated into bankruptcy in 2002. The company was started in the late nineteenth century as a discount department store. By the middle of the twentieth century, consistently working to be good at discount retailing had led Kmart to become a large and prominent chain.

By the 1980s, however, Kmart began straying from its established strategic pattern. Executives shifted the firm’s focus away from discount retailing and toward diversification. Kmart acquired large stakes in chains involved in sporting goods (Sports Authority), building supplies (Builders Square), office supplies (OfficeMax), and books (Borders). In the 1990s, a new team of executives shifted Kmart’s strategy again. Brands other than Kmart were sold off, and Kmart’s strategy was adjusted to emphasize information technology and supply chain management. The next team of executives decided that Kmart’s strategy would be to compete directly with its much-larger rival, Walmart. The resulting price war left Kmart crippled. Indeed, this last shift in strategy was the fatal mistake that drove Kmart into bankruptcy. Today, Kmart is part of Sears Holding Company, and its prospects remain uncertain.

In contrast, Apple is very consistent in its strategic pattern: It always responds to competitive challenges by innovating. Some of these innovations are complete busts. Perhaps the best known was the Newton, a tablet-like device that may have been ahead of its time. Another was the Pippin, a video game system introduced in 1996 to near-universal derision. Apple TV, a 2007 offering intended to link televisions with the Internet, also failed to attract customers. Such failures do not discourage Apple, however, and enough of its innovations are successful that Apple’s overall performance is excellent. However, there are risks to following a pattern too closely. A consistent pattern can make a company predictable, a possibility that Apple must guard against in the years ahead.

Strategy as a Position

Viewing strategy as a plan, a ploy, and a pattern involve only the actions of a single firm. In contrast, the next P— strategy as position —considers a firm and its competitors. Specifically, strategy as position refers to a firm’s place in the industry relative to its competitors. McDonald’s, for example, has long been and remains the clear leader among fast-food chains. This position offers both good and bad aspects for McDonald’s. One advantage of leading an industry is that many customers are familiar with and loyal to leaders. Being the market leader, however, also makes McDonald’s a target for rivals such as Burger King and Wendy’s. These firms create their strategies with McDonald’s as a primary concern. Old Navy offers another example of strategy as position. Old Navy has been positioned to sell fashionable clothes at competitive prices.

Old Navy occupies a unique position as the low-cost strategy within the Gap Inc.’s fleet of brands.

Lindsey Turner – clearance – CC BY 2.0.

Old Navy is owned by the same corporation (Gap Inc.) as the midlevel brand the Gap and upscale brand Banana Republic. Each of these three brands is positioned at a different pricing level. The firm hopes that as Old Navy’s customers grow older and more affluent, they will shop at the Gap and then eventually at Banana Republic. A similar positioning of different brands is pursued by General Motors through its Chevrolet (entry level), Buick (midlevel), and Cadillac (upscale) divisions.

Firms can carve out a position by performing certain activities in a different manner than their rivals. For example, Southwest Airlines is able to position itself as a lower-cost and more efficient provider by not offering meals that are common among other airlines. In addition, Southwest does not assign specific seats. This allows for faster loading of passengers. Positioning a firm in this manner can only be accomplished when managers make trade-offs that cut off certain possibilities (such as offering meals and assigned seats) to place their firms in a unique strategic space. When firms position themselves through unique goods and services customers value, business often thrives. But when firms try to please everyone, they often find themselves without the competitive positioning needed for long-term success. Thus deciding what a firm is not going to do is just as important to strategy as deciding what it is going to do (Porter, 1996).

To gain competitive advantage and greater success, firms sometimes change positions. But this can be a risky move. Winn-Dixie became a successful grocer by targeting moderate-income customers. When the firm abandoned this established position to compete for wealthier customers and higher margins, the results were disastrous. The firm was forced into bankruptcy and closed many stores. Winn-Dixie eventually exited bankruptcy, but like Kmart, its future prospects are unclear. In contrast to firms such as Winn-Dixie that change positions, Apple has long maintained a position as a leading innovator in various industries. This positioning has served Apple well.

Strategy as a Perspective

The fifth and final P shifts the focus to inside the minds of the executives running a firm. Strategy as perspective refers to how executives interpret the competitive landscape around them. Because each person is unique, two different executives could look at the same event—such as a new competitor emerging—and attach different meanings to it. One might just see a new threat to his or her firm’s sales; the other might view the newcomer as a potential ally.

An old cliché urges listeners to “make lemons into lemonade.” A good example of applying this idea through strategy as perspective is provided by local government leaders in Sioux City, Iowa. Rather than petition the federal government to change their airport’s unusual call sign—SUX—local leaders decided to leverage the call sign to attract the attention of businesses and tourists to build their city’s economic base. An array of clothing and other goods sporting the SUX name is available at http://www.flysux.com . Some strategists such as these local leaders are willing to take a seemingly sour situation and see the potential sweetness, while other executives remain fixated on the sourness.

Executives who adopt unique and positive perspectives can lead firms to find and exploit opportunities that others simply miss. In the mid-1990s, the Internet was mainly a communication tool for academics and government agencies. Jeff Bezos looked beyond these functions and viewed the Internet as a potential sales channel. After examining a number of different markets that he might enter using the Internet, Bezos saw strong profit potential in the bookselling business, and he began selling books online. Today, the company he created—Amazon—has expanded far beyond its original focus on books to become a dominant retailer in countless different markets. The late Steve Jobs at Apple appeared to take a similar perspective; he saw opportunities where others could not, and his firm has reaped significant benefits as a result.

Key Takeaway

Strategic management focuses on firms and the different strategies that they use to become and remain successful. Multiple views of strategy exist, and the 5 Ps described by Henry Mintzberg enhance understanding of the various ways in which firms conceptualize strategy.
Have you developed a strategy to manage your career? Should you make it more detailed? Why or why not?
Identify an example of each of the 5 Ps of strategy other than the examples offered in this section.
What business that you visit regularly seems to have the most successful business model? What makes the business model work?

Markoff, J. 1996, May 14. Apple unveils strategic plan of small steps. New York Times . Retrieved from http://www.nytimes.com/1996/05/14/business/apple-unveils-strategic -plan-of-small-steps.html .

Mintzberg, H. 1987. The strategy concept I: Five Ps for strategy. California Management Review , 30 (1), 11–24.

Porter, M. E. 1996, November–December. What is strategy? Harvard Business Review , 61–79.

Reuters. 2011, March 1. Philadelphia area pizza owner used mice vs. competition—police. Retrieved from news.yahoo.com/s/nm/20110301/od_uk_nm/oukoe_uk_crime_pizza.

Mastering Strategic Management Copyright © 2015 by University of Minnesota is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License , except where otherwise noted.

Strategic Management

(15 reviews)

Kennedy B. Reed, Virginia Tech

ISBN 13: 9781949373950

Publisher: Virginia Tech Publishing

Language: English

Formats Available

Conditions of use.

Learn more about reviews.

Reviewed by Jiwon Suh, Assistant Professor, University of Texas at Arlington on 3/7/24

This book covers core topics that should be included in a strategic management textbook. I particularly like that the book has a chapter devoted to corporate governance, ethics, and social responsibility. I hope to see that vertical and horizontal... read more

Comprehensiveness rating: 4 see less

Content Accuracy rating: 5

This book contains core and major models, concepts, frameworks, and theories that should be included in a strategic management textbook. Especially, this book also explains a balanced scorecard and its linkage with organizational mission and vision.

Relevance/Longevity rating: 5

The main content is highly relevant. The concepts and frames that are included in the book are not fast-changing. This book uses a variety of examples to explain concepts to help students understand. These examples are a good mixture of timing (old and relatively new) and I believe such examples should be aged well to evaluate.

Clarity rating: 5

This book was well-written. This book uses clear language so that students including undergraduates can easily follow.

Consistency rating: 5

This book is consistent with all the structures and contents that are expected in the strategic management textbooks.

Modularity rating: 5

The topics in this book are well divided into 11 chapters so that faculty members can easily develop a semester-long course. On page 2, the authors also provide 6 modules on how these chapters can be used in a shorter course.

Organization/Structure/Flow rating: 5

The way of chapter sequencing is easy to follow: understanding strategic management -> external analysis -> internal analysis -> strategy development -> implementation. Every chapter provides ‘Learning Objectives,’ ‘Key Takeaway,’ and ‘Exercises’ from which students can effectively learn about the topics in the chapters. Also, figures, pictures, videos, and other sources are very helpful.

Interface rating: 4

External sources were hyperlinked with the original sources. This book also provides enough space between paragraphs and the next sections. This helps readers. It would be very helpful if the book included an Index at the end of the book.

Grammatical Errors rating: 5

I didn’t find any grammatical errors.

Cultural Relevance rating: 5

This book uses examples from different cultural backgrounds, such as an example of ancient China and wars on Russian soil on pages 18-20 and an example of Starbucks in Korea on page 33.

I'd like to use this book for my Strategic HR management course in the public and nonprofit sectors. Although this book doesn't 100% fit my course, I can use this book to explain and provide core/major concepts of strategic management.

Reviewed by Sergiy Dmytriyev, Assistant Professor of Management, James Madison University on 9/10/23

Comprehensiveness rating: 5 see less

The textbook covers all key topics in the strategic management such as overall strategy, business- and corporate-level strategies, the analysis of external and internal environments, international strategy, organizational design, innovation, etc. Each sections ends with the reference list of the cited sources, and the Glossary of key terms is provided at the end of the book.

The book is well-written which makes it an easy read.

The content is up-to-date, with plenty of contemporary business situations and examples. At the same time, these examples are of general nature and can be used in a classroom for many years ahead, without become obsolete. Having said that, the textbook also has a number of historical examples which is a must to have in order to learn from strategic successes and failures.

The text is written in a more informal way than in some other strategic management textbook. This makes this textbook better perceived by undergraduate students, who are rather more excited by its interesting and accessible prose.

Consistency rating: 4

The textbook utilized common terminology and frameworks used in the strategic management field, and is consistent throughout the whole text. The only thing, sometimes I could have a feeling that there were many interesting narratives and examples, but some of them might not be well connected among themselves, which could make the reading slightly less coherent, though it wasn't a big deal.

Indeed, the text is readily divisible into smaller reading section since many of them start and end in a similar fashion making them standalone pieces. I didn't find many self-references which serves the modality purpose well.

The book is well organized in terms of the sequence of introduced topics and the transitions between them.

Interface rating: 5

The textbook offers an easy-to-follow navigation structure such as a numeration for each section/subsection as well as consistent headings' styles and the use of colors and graphical designs.

I didn't find any grammatical errors or typos in the text which speaks to its high quality.

Cultural Relevance rating: 3

The textbook is full of various examples from different countries which helps keep the reader's mind open to insights from different cultural environments. Yet, I wish there would be more examples with female and minority managers - I realize that today those groups are still underrepresented in leadership roles, but the author could have considered purposefully selecting those stories/backgrounds which may appeal to and inspire different audiences.

Most sections in the textbook end with discussion questions (often provoking ones) which can help with kicking off interactive discussion in class. The key information is summarized in the form of tables or graphs that make it easy to review the summarized learnings. There are also many videos throughout the book which can help break the monotony of reading with interesting visual experiences.

To sum it up, the textbook offers a typical content for a strategic management textbook (in terms of key strategic topics, terminology, theories and frameworks, etc.), yet it does it in a more appealing way compared to some more "formal" available textbooks in the market. In addition to offering discussion questions and exercises at the end of each section, the textbook also utilizes a more accessible prose for undergraduate students, as well as provides many illustrative or summary tables and graphs, as well as short business stories and videos done in an interesting way.

I really like the textbook and this year I started using it in my Strategic Management course.

Reviewed by Jeffrey Gale, Professor Emeritus of Strategic Management, Loyola Marymount University on 4/10/23

[Note: I used the book in my Strategic Management class in Spring 2023 semester. I have, in the past, used the open textbook, Mastering Strategic Management on which this one is based as well as a commercial version of the text which was picked up by a pubisher.] The coverage in the book is pretty standard for Strategic Management texts. It's a little light on implementation/execution particularly on reward systems, strategic leadership and a bit on culture. Like most of the texts, it really doesn't cover the online world. Because it was done in 2020 and used some of the materials some of the materials need newer examples--and to reflect lessons of the pandemic and de-globalization (in Chap. 9) There is a glossary but no index.

The coverage of the book is accurate in the concepts handled.

Relevance/Longevity rating: 4

All strategic management textbooks suffer from obsolescence--it is the nature of the subject matter and the need for ongoing revision of relevant examples. The concepts change more slowly. Use of the book requires instructors to fill that in to make the material relevant. The prior book (from 2020) was not updated for years which made it hard to use. Hopefully this one will be.

The book was extremely well-written and edited. This is remarkable since there was a team who worked on it at VPI. Kudos for doing a good job.

It is consistent. The framework used is very standard in strategic management texts.

The book is well done with coherent chapters and headings and subheading breaking up the text. I was able to use some of the materials out of order.

Strategic management textbooks lend themselves to a logical organization based on the analytic process common to the topic. This book is consistent with that. I did find that references and credits, which are listed in the chapter sections, are a bit distracting and would be better, in my opinion, at the end of the chapters. Likewise, I would prefer that the Exercises be at the chapter end as well. Learning Objectives at the beginning of each chapter are useful as well as the Takeaways in the sections.

My students and I used the PDF version of the book which is pretty standard with only limited jumps for Table of Contents. .

I didn't find any grammatical errors.

Cultural Relevance rating: 4

I did not see anything culturally insensitive or offensive in the book. There is, as is typical in the texts in the field, not a lot of cultural variety. There are no Black or Hispanic business in the examples.

The book did what I wanted it to in the course. I thought that Chapter 7 on Innovation is a bit of a hodge-podge of topics and doesn't flow all that well. The Powerpoint slides that the author made available are very uneven and I wasn't able to really use them--though I didn't really need to since I have taught the course for so long. They are not the equivalent of what commercial publishers provide with their texts. I did not use the text bank that is also available.

Overall, a good quality textbook that is usable with the caveats I raised earlier.

Reviewed by Stephen Horner, Associate Professor, Allen Community College on 6/9/21

Chapter one is a good an example of the type of comprehensiveness that I like. The text addresses most of the major models and concepts within the strategy domain. It also includes examples of strategy and strategic management from antiquity and classic military history encompassing ancient, modern, and postmodern eras. In addition, the critique of strategic management is refreshing to see in an introductory textbook chapter.

I find no glaring inaccuracies.

The cross disciplinary relevance of the text is demonstrated by allusion in chapter one to strategy throughout history. The text also has relevance in terms of relating the topic to contemporary issues.

This text is written at a basic level easily accessible to the common reader and especially suited to today's college senior.

The text uses the A-F-I framework consistently throughout.

The chapter topics are organized following the traditional analysis-formulation-implementation (A-F-I) framework allowing the course to be easily divided into modules. In addition, the authors have developed their own modular framework overlaying the A-F-I model.

The text uses the traditional analysis-formulation-implementation framework while taking a critical asssessment of the use of that framework.

The layout and flow of the text are satisfactory. In addition, I appreciate the smaller chunks in each chapter supplemented by references cited only in those specific chunks.

The writing demonstrates no systematic grammatical difficulties. The use of the Engish language is proper and acceptable.

The authors recognize changing sociocultural values and demonstrate sensitivity of the theory and practice of strategic management to such changes.

I found the text to be quite readable. It spawned in me new ideas for ways of reaching my students.

Reviewed by Yuan Li, Assistant Professor, James Madison University on 5/29/20

The text covers all major topics discussed in a standard strategic management textbook. Some topics that could be included or discussed more in detail are strategic leadership, innovation management, and corporate entrepreneurship. The pdf version... read more

The content is accurate, error-free, and unbiased. However, there are a few typos in the book. Some of the labels are incorrect. For example, Level 3 of Table 10.4 is labeled incorrectly.

The content is up-to-date. For the most part, the examples are classic and do not need to be updated frequently. However, some of the examples, especially those related to movies are dated. Nevertheless, necessary updates can be easily implemented.

One of my favorite things about this text is its clarity. The text is written in a language that is accessible to all undergraduate students, including freshmen. Jargon and technical terms are explained in layman’s terms using real-world examples.

The text is internally consistent in terms of terminology and framework.

The chapters of the text are self-contained and can be individually assigned to students or used as additional readings to supplement a different text.

The structure of the text is clear and follows the structure of a standard strategic management textbook. The only difference is that international strategies are discussed before corporate-level strategies. Many of the tables and the text repeat each other. I think some of the tables can be eliminated.

There are no significant interface issues in the text. There are no hyperlinks in the pdf version of the book. All navigation is done through the search and find function of the pdf reader. The text in the examples and vignettes is too small and hard to read, at least for the pdf version I have. Overall, I would describe it as a no-frills text.

The text contains no grammatical errors.

The text is not culturally offensive in any way. The examples include both American and non-American firms mostly competing in the US market.

This is a great book for an introductory level strategic management class. Students do not have to be a management major to understand the book. Instructors can easily supplement the book with examples that are relevant to the background and major of their students. I find the book an interesting and enjoyable read. The authors did a great job in making strategic management interesting to students.

Reviewed by David Flanagan, Professor of Management, Western Michigan University on 12/12/19

This book covers all the major topics needed in a strategic management course plus a few other useful topics. read more

This book covers all the major topics needed in a strategic management course plus a few other useful topics.

First rate book. Easy to read with no errors (conceptually or grammatically).

All the conceptual information is up to date. I do have students do assignments where they research more recent examples.

Students comment that it is straight forward and easy to read. Key concepts are defined.

The text flows well from start to finish.

The chapters break up the material well as do sections within chapters.

good structure

easy to interface with

Well edited and credibly written

I detected nothing that could be insensitive

The authors are outstanding in their field. Can't find more credible sources.

Reviewed by Jason Kiley, Assistant Professor, Oklahoma State University on 5/21/18

Overall, the book has very good coverage of the topics typically included in a strategy textbook. To be more specific, I reviewed the book against a commercial book that I have used in the past. I looked at 43 topics that is a union of the content I would use across the two books. The commercial book covered 41 topics, and Mastering Strategic Management ("MSM") covered 39. Of the discrepancies, three topics in the commercial book and one topic in MSM were topics that were probably timely when written but are less relevant now. Excluding those, each book had one topic that I would have liked to have seen in the other.

Across a number of topics, the exposition that fit my expectations about the material covered, explanations of the material, and examples that fit the material. Strategy covers a number of models that have been around for some time, and the authors seemed to do a good job of thinking about which models are reasonable to describe as they were conceived and which ones should be adjusted a bit to better reflect the underlying mechanisms or modern circumstances.

One small exception (shared in most strategy books) is the description of the BCG matrix using market share (as originally conceived). That notion is very sensitive to specification of markets, and I've seen more helpful formulations that describe it a little more generally as having dimensions that reflect using and generating cash.

The main content is fine and highly relevant. However, there are some examples which have not aged well. This is not so much the fault of the authors, as the business-relevant content is fine, but an example using Jared from Subway reads very differently in light of subsequent revelations. That is perhaps the most glaring, but there are a few others that have not aged well (e.g., the AppleTV has become reasonably successful in subsequent iterations). That said, this book is well within the norms of example relevance over time.

The book is written directly and clearly. In terms of style, it is more approachable than some alternatives, in part because I never got the sense that the authors were lowering the information density to produce more text.

Terminology and approach are generally consistent. Strategy is at the intersection of other disciplines, so there is often a change of perspective, but that comes with the content. That said, the authors have combined those well into a logical, consistent narrative.

For the most part, this book would be easy to use out of order or as selections. The chapters have numbered subdivisions that are logically coherent, and, in my view, it would be clear to students to assign selections. My initial read suggests that the brief motivating examples to begin chapters and the conclusions of chapters would be helpful to include even if the middle sections are selected from or reordered.

Overall, the organization and flow are consistent and logical, and it generally mirrors that of most strategy books. In a couple of places, the ordering is a bit different (e.g., international strategy before corporate-level strategy), but the broader logic may actually be more linear that way.

I used the epub 3 version of the book. The table elements tended to be built with markup instead of images, so they rendered nicely on a high-resolution display. Cross references were often done with links, and many text boxes were also done with markup, so the book takes advantage of the technology it uses for distribution. Given the prevalence of mobile devices among students, this is a strong positive for this book compared to others.

The writing is clear, error-free, and straightforward, including the consistent use of active voice.

Though the book (like many strategy and business textbooks) has a somewhat US-centric presentation, there are plenty of examples that include diversity along a number of dimensions where that kind of diversity is not the topic of the example. That broad level of inclusiveness is a positive for the book.

Overall, I found the book to be consistently high in quality, coverage, and consistency with other books in this area. Using it as an alternative or replacement for other books should be straightforward. The anonymous authors have done the field and our students a real service in writing this book.

Reviewed by Jiyun Wu, Associate Professor , Rhode Island College on 5/21/18

The book covers key areas of strategic management, much like other strategic management textbooks. read more

The book covers key areas of strategic management, much like other strategic management textbooks.

The content is accurate, though there are a few typos.

Relevance/Longevity rating: 3

The examples are a few years old and need to be updated.

The book is very lucidly written. I think it is one of the best written textbooks.

The book is internally consistent in terms of terminology and framework.

The text is easy to follow.

The topics are organized well and easy to follow.

I didn't encounter any problem with navigation.

I did not detect any grammar errors, although I did find a few typos.

The book is culturally relevant.

Please update the examples and correct the few typos in the text.

Reviewed by Edward Ward, Professor, Saint Cloud State University on 2/1/18

Relative to the other textbooks I have used in my strategic management course, this textbook is comprehensive. Topics include analyzing the environment, leading strategically, selection of business level strategies, ethics, organization design,... read more

This book is accurate as evidenced by the frequent references from both research journals and practitioners' publications. There is little in the way of the author's opinions, rather facts are emphasized.

The relevance of the book is excellent in that historical examples are often used, which by definition will not need to be updated. The examples of recent strategy uses (e.g. a goal by Coca-Cola on page 40 is for 2012) are in need of only slight modifications.

This is the paramount strength of the book. When the vocabulary (i.e. jargon) of strategic management is used, facile explanations and examples are used to clarify the term. An example is Figure 2.5, which explains financial performance measures for students who did not major in finance or accounting.

What is admirable as to the book's consistency is it's sequence of chapters, such as starting with "Mastering Strategy" as chapter one, through "Selecting Business Level Strategies" in the middle of the text, and concluding with corporate governance and ethics. There is also consistency in terms of the key takeaways and exercises throughout the book.

This is another strength of the book. For example, in clarifying "Entrepreneurial Orientation" sections such as "Autonomy", "Competitive Aggressiveness", and "Innovativeness" are presented in small sections that in total describe the term. This is done consistently in the book, such as in chapter eight the terms vertical integration, backward vertical integration, and forward vertical integration.

The topics are presented in a deductive order, starting with a superordinate term such as "Strategies for Getting Smaller", followed by retrenchment and restructuring. By describing a construct by its dimensions, the construct is more readily understood by students.

I don't think there are any such problems.

There are not any grammatical errors. I do think the reading level is for undergraduates rather than MBA students.

The photographs and examples are varied in terms of surface characteristics.

It is superior to my present textbook in terms of being written in a conversational style, which is complemented by useful tables such as 8.7 on page 293. These tables and other graphics will assist students with a visual learning style. The only negative that comes to mind is if this textbook is to be used for a MBA course, outside readings will need to be assigned.

Reviewed by Jorge Zazueta, Adjunct Professor, American University on 2/1/18

The book covers all the standard topics in Strategic Management in a well-structured and cohesive manner. The table of contents provides detail on contents and the interactive PDF version is an excellent way to navigate the text. Electronic... read more

I didn't find any inaccuracies or biases in the text (although I ran into a few minor typos). Each concept follows a critical discussion inviting the reader to reflect on the topic, rather than being dogmatic.

The topics covered are well established Strategic Management ideas with direct application in actual business practice, making the content both relevant and time enduring.

Clarity rating: 4

The book is clearly written and enjoyable. It provides straight commentary on the ideas discussed and is very easy to read. A minor drawback is that it lacks memorable design around many of the classic frameworks. For example, when discussing the diamond model in chapter 7, its elements are defined in the form of a table--rather than in a diamond shape.

The narrative is consistent throughout both in depth and style.

While the content follows a logical path, chapters are concise and mostly stand-alone, making it easy to use individual chapters or to tailor content for a class.

The topics follow a standard order of ideas in a consistent and logical flow, while maintaining modularity.

The interactive PDF version is clean and easy to use. A comprehensive table of contents is always available without being intrusive and the book is fully searchable. Making it convenient for student research or review. A keyword search results in a list of references to different chapters in the book, with a short summary of the content discussed.

Grammatical Errors rating: 4

Other than a few minor spelling typos. I found no errors.

The nature of the book is mostly transparent to cultural issues. Examples are business focused and do reflect a wide world view.

It is a great introductory text to Strategic Management. It covers all the standard material in a concise, easily accessible way. I would have enjoyed a bit more quantitative material, such as basic formulas from economics or discussions about how to quantify market competitiveness for example. Perhaps, that´s the material for a second book….

Reviewed by Bill Rossman, Instructor, Penn State University on 2/1/18

The book covers the major topics expected to be covered in a strategic management textbook. read more

The book covers the major topics expected to be covered in a strategic management textbook.

The material covered in the textbook is accurate and error-free.

Th material is up-to-date, however, some of the examples in the book could quickly become outdated. For example, there is an example referencing a 2001 movie which students may not understand. The book could easily be updated to keep examples up-to-date.

The book is clearly written without unnecessary jargon. Definitions for key terms could be emphasized to help students identify key terms and concepts. Additionally a glossary would be beneficial for students to quickly reverence the definition of key terms.

The book is consistent with other texts on the topic of strategic management.

The book is modular and chapters could be reorganized without issue. Instructors could assign chapters or subsections as they see fit without loss of educational value.

The book flowed well, the only change I would make is to move the corporate-level strategies to follow the business-level strategies. The instructor could easily make this change when assigning chapters in the textbook.

I did not encounter any issues with the interface of the textbook. The location of charts and images were appropriate and supported the material.

The book was free of grammatical errors.

The text was not insensitive or offensive.

Supporting material such as glossary, online assignments or self check exercises could be included. Overall, the book is well thought out and easily adaptable for instructors to use.

Reviewed by Sam Cappel, Professor, Southeastern Louisiana University on 6/20/17

I found the book to be comprehensive, covering in detail important parts of strategic management. read more

I found the book to be comprehensive, covering in detail important parts of strategic management.

I found the book to be accurate and well referenced. Examples were used which were most instrumental in helping students to understand important concepts.

The text is written and/or arranged in such a way that necessary updates will be relatively easy and straightforward to implement. Many of the examples used are classic or very timely. It would require little work to update concepts and examples.

The book is written without unnecessary jargon. Terms commonly used in the study of Strategy are fully explained.

The framework of the book allows for easy transitions from one topic to another. Throughout the book there is consistency in the straight forward approach to topics. There is a consistent attempt within this book to explain complex concepts in such a way as to allow undergraduate students to master them easily.

Modularity rating: 4

The text is well divided into a logical sequence of intuitively developed reading sections. Sections within the book serve to reduce confusion which can occur when learning a subject area with the diversity and complexity of Business Strategy

Organization/Structure/Flow rating: 4

I like the flow of the text but prefer a flow which started by simply following the strategic management process step by step.

I had no issues with the interface of the textbook. Navigation was simple and charts were well placed and clear.

I found no grammatical errors i the text.

Culturally the book was sensitive in dealing with issues such as ethics and the role of diversity in the workplace.

With the current push for on-line offerings I feel that it is now imperative that offerings include test banks, power-points, on-line readings, films and perhaps simulation tools that can be used on-line. I love the book for in-class use but feels that it does not offer enough support to be viable for extensive on-line offerings,

Reviewed by Cynthia Steutermann, Multi-Term Lecturer, University of Kansas on 8/21/16

Comprehensiveness rating: 3 see less

This book does a somewhat good job of covering many aspects of strategic analysis. For instance, the discussions relative to cost leadership, differentiation, and focused strategies were good. However, I found this book to be lacking in critical discussion areas, such as the importance of evaluating a firm's internal financial assets. While it mentioned current ratio, debt to equity ratio, and net income .. it does not show how to calculate those ratios. And, there are many, many more financial ratios that should be covered in great detail to effectively analyze an organization's internal financial capabilities. This was an area I would consider to be seriously lacking in content.

Other critical areas missing from this textbook were the discussion of entrepreneurial strategy and competitive dynamics, as well as managing innovation and corporate entrepreneurship. Likewise, this textbook did not include any strategic management cases which greatly supports a student's ability to apply concepts to a multi-page case of an organization they may be familiar with.

Also, while there was included on the website a table of contents, no such table of contents exists in the .pdf version that students would actually use. In general, this book is not written at the level of sophistication and comprehensiveness I would expect to use for college students, particularly since a strategic analysis course is often taught as a capstone course (undergraduate senior level of student). In my opinion, this textbook is written more at the senior in high school or college freshman level.

Content Accuracy rating: 4

The book's accuracy is adequate, although there are many areas of strategic analysis which I would consider to be missing in this textbook.

The one area of relevance and longevity I found to be questionable was the various references to "At the Movies". Some of the movies are quite dated and students may not have even heard of them. Or, if they have heard of the movie, they may not have seen it. While the intent seems to be a creative way to illustrate basic concepts, the use of movies is not (in my opinion) the most relevant way to accomplish this, at least to the extent that this is repeated throughout the textbook.

The book is written clearly, although not at the college reading level I would expect it to be written at.

Consistency rating: 3

The text is inconsistent since it references certain figures that actually do not exist. For instance, the Boston Consulting Group (BCG) matrix is referenced to be in figure 8.7. There is no BCG matrix figure, nor any figure 8.7. In fact, there are very few figures in the book. There are some pictures (unidentified mostly) but no figures that illustrate important concepts.

The book's modularity is done well. Within each chapter there are several smaller reading sections.

The book's organization/structure flow is generally good. I believe the organization and flow would be better if corporate-level strategies followed business-level strategy, and then the chapter about international markets would follow after that. This textbook, instead, has business-level strategy, international markets, then corporate-level strategy.

The images are generally not distorted, although on page 172 the Arby's graphic and text are out of proportion. Page 177 includes some type of graphic that is only shades of grey. I don't know what that is intended to represent.

The text contains no grammatical errors that I observed.

The text is not culturally insensitive or offensive in any way that I observed.

Reviewed by Daniel Forbes, Associate Professor, U. of Minnesota on 6/10/15

The book covers most of the chapters commonly found in a strategy textbook, and the content within each chapter is also similar in terms of the key topics & models addressed. One exception is strategic entrepreneurship, which is not covered as a separate chapter as is often the case but is instead partially covered under "Entrepreneurial orientation" within Chapter 2, "Leading strategically". Another exception is that there is only one chapter on corporate strategy, whereas many books have a second chapter on strategy alternatives (M&A, etc.). However, some of this content has been folded into the corporate strategy chapter. The PDF I reviewed did not contain a glossary or index.

The book provides an accurate introduction to contemporary strategic management. The authors' perspective is consistent with mainstream scholarly views in the field.

Most strategy textbooks tend to gravitate towards concepts and models that have a relatively long "shelf life," and this one is no exception. The book contains current examples and timely content. The book also does a good job presenting strategy in ways that undergraduate students, in particular, will find relevant. It does this through an emphasis on familiar, everyday brands (Facebook, Redbox) and through cultural references, such as its "Strategy at the movies" segments, which link concepts in the book to recent popular films.

The book is written in clear and accessible prose, and it carries a sense of humor. At times I would have liked to see clearer definitions that were easier to find in the text (e.g., highlighted or placed in sidebars). For example, the concept of "cost leadership" is introduced with good examples, but a concise definition seems lacking. Having clear definitions on key concepts is helpful to students studying for exams and for faculty who want to check concepts for consistency across materials without re-reading entire sections.

The book is internally consistent. It provides a framework for understanding strategy that is coherent and, at the same time, generally consistent with other major texts.

The text seems modular, and reorganizing the material is unlikely to pose a problem. It would be easy to rearrange the materials within a strategy course - provided, of course, that foundational concepts (e.g., "capabilities") have been established early on, as would be required in working with any major strategy text.

The book's flow is logical and it adheres to a structure that is common in strategy texts. One slightly unusual sequencing is the presentation of international strategy before corporate strategy (the reverse is more common), but these two chapters remain adjacent and there is a reasonable case for doing this. Given the overall modularity of the book, moreover, instructors can rearrange chapters as they see fit without much difficulty.

The interface reflects the thoughtful and creative selection of accompanying visual materials, especially photos and illustrations. There are fewer charts and tables than in the average strategy text. Some instructors and MBA students might find the text easier to navigate with fewer visual interruptions overall and perhaps more data or charts included in addition to the pictures. Overall, I think this interface that would be well received by undergraduate students, in particular.

The book's grammar is fine.

The book does not appear to be culturally insensitive. Examples are drawn primarily from the U.S., as is common in many major strategy texts, but there are also many examples drawn from outside the U.S.

Overall, I think this book is a very solid and worthwhile contribution to the set of available strategy textbooks. A particular strength of the book is its accessible writing style and its selection of "user-friendly" illustrations and examples. I think the book would be especially well-suited to first-time students of strategy who seek a general introduction. I also like that the book avoids delivering long, arbitrary lists of items in presenting material (e.g., "the nine reasons firms do acquisitions"), which is a common weakness of strategy textbooks. Instead, this book is generally succinct and reasonably comprehensive. At the same time, instructors & students seeking a more advanced treatment of strategy may find coverage of some topics to be relatively light. For example, limitations of the 5 Forces model are only briefly addressed and issues of industry evolution do not seem to be addressed.

Reviewed by David Try Ph.D., Instructor , Northwest Community College on 10/9/13

I found this text to be well-written and high quality, with up-to-date material, examples and case studies. In my experience, both as an instructor and retired practitioner, this textbook covers all basic concepts and topics at an appropriate depth for an Introduction to Business Strategy/Policy course. The backend - index, glossary, on-screen reader and search engine - were accurate and faultless.

Diagrams, tables and case studies were up-to-date, professional quality and accurate. I found the text well supported by the supplemental teaching resources (quizzes, PowerPoint's, teaching notes, etc.) As with any USA based textbook, and to be fair hardly unique to this one, the content is USA-centric. Examples and in-text case studies do tend to examine issues through the lens of USA companies, and occasionally USA laws/regulations. Within this caveat, all material was well-edited, error-free, unbiased and including appropriate supplemental instructor material.

As with most introductory courses, the basic components of Business Strategy tend not to change rapidly. New tools, techniques, occasionally fads, as well as the inevitable rebranding (i.e. Management by Objectives [MBO] becomes Outcome Based Key Performance Indicators) are adopted by Business relatively slowly. The textbook covers certain recent advances in strategic and policy, as appropriate for a textbook at an introductory level. Looking forward, advances to this textbook would tend to focus on maintaining current and timeliness of in-text examples, update trends and data, and incorporate emergent strategies which could emerge in response to changing economic, business or global events, such as a global recession.

The textbook to be quite readable and engaging, and makes good use of current business examples. Terms and business jargon are properly defined, both within the text and by using small ‘call-out' (?) boxes on the side of pages and through the use of examples.

The concepts and ideas in the textbook are presented in a clear and logical order. Terminology is used consistently. As well, I found the ‘readability' of the textbook to be internally consistent – with no sense that different authors/editors had writte

The material is covered in 12 chapters, with 2 to 4 sections each, making it easy to assign weekly readings and cover the content within one semester. Chapters are fairly consistent in length and complexity. Instructors have the option to re-organize the course / subject order prior to students downloading the textbook should they wish. The text is not overly self-referential.

The flow or order of idea/concept presentation is consistent to most Strategy texts, and appropriate for an introductory textbook. Within Chapter layout is consistent; each chapter begins with "Learning Outcomes" and concludes with "Key Takeaways" and exercises, which can be assigned as homework.

Neither I, nor any of my students, experienced any interface issues at all. The underlying technology appeared faultless. The navigation process is logical and all images and text were clear and high quality, even on smaller e-reading devices. As well, color use is consistent, assisting in overall navigation. Interestingly, as the first e-textbook for NWCC Business, my students appreciated the ability to perform in-text searches and hyper-link to external electronic references (in text URLs), as well as textbook's cost of course!

I found zero (0) grammatical errors, or ‘broken' URL links. Well edited

This text is not culturally or sexually insensitive, or offensive. Overall, examples are based on business culture with limited applicability on cultural relevance. One chapter focuses on Ethics and Social Responsibility and examines these issues from a strategic perspective, with examples. However, the focus is principally from a business perspective, as compared to social, legal or moral perspectives. As the text is fairly USA-centric, Canadian students may feel that Canadian and possibly Asian business strategies should receive greater emphasis.

Overall, I was very impressed with the quality and professionalism of the text. A ‘newbie' to e-textbooks, I was surprised by the usefulness of additional features available with electronic textbooks (searching, imbedded URLs, etc.). As noted above, the textbook content is somewhat USA-centric. Examples and in-text case studies tend to focus on USA companies, and occasionally USA laws/regulations. However, given the highly integrated nature of Canadian and USA business environments, there is some value in this. And, it was certainly not difficult to incorporate Canadian examples into the Lectures. This review originated in the BC Open Textbook Collection and is licensed under CC BY-ND.

I. Chapter 1: Mastering Strategy: Art and Science
II. Chapter 2: Assessing Organizational Performance
III. Chapter 3: Evaluating the External Environment
IV. Chapter 4: Evaluating the Internal Environment
V. Chapter 5: Synthesis of Strategic Issues and Analysis
VI. Chapter 6: Selecting Business-Level Strategies
VII. Chapter 7: Innovation Strategies
VIII. Chapter 8: Selecting Corporate-Level Strategies
IX. Chapter 9: Competing in International Markets
X. Chapter 10: Executing Strategy through Organizational Design
XI. Chapter 11: Leading an Ethical Organization: Corporate Governance, Corporate Ethics, and Social Responsibility

Ancillary Material

Virginia Tech Publishing

About the Book

STRATEGIC MANAGEMENT offers an introduction to the key topics and themes of strategic management. The authors draw on examples of familiar companies and personalities to illustrate the different strategies used by today’s firms—and how they go about implementing those strategies. Students will learn how to conduct a case analysis, measure organizational performance, and conduct external and internal analyses. In short, they will understand how organizations operate at the strategic level to be successful.

An older version of Mastering Strategic Management (2015) by University of Minnesota Libraries Publishing can be found here: https://open.lib.umn.edu/strategicmanagement/

About the Contributors

Reed B. Kennedy, Associate Professor of Practice, Pamplin College of Business, Virginia Tech

Reed B. Kennedy is an Associate Professor of Management Practice in the Management Department, where he teaches management courses. He began his career as a naval officer before entering his primary career in healthcare administration, where he served in senior executive roles in various hospitals for over 20 years. He then worked as a business consultant for the Small Business Development Center for the New River Valley at Radford University. His education includes a Bachelor of Science in Aerospace Engineering from the U.S. Naval Academy, a Masters of Healthcare Administration from Medical College of Virginia / Virginia Commonwealth University, a Masters in Public Health and a Graduate Certificate in Global Planning and International Development from Virginia Tech. Reed served as the chief textbook reviser on this project. He worked with the contributor and editorial teams from project start to completion.

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What Is Strategic Management and Why Do We Need It: Theoretical Foundations of Strategic Management

First Online: 01 January 2022

Cite this chapter

Andreas Michael Schühly 6

Part of the book series: MIR Series in International Business ((MIRSIB))

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2 Citations

In the second chapter, a sound understanding of strategic management and its core concepts, definitions, processes, and applications is provided. This is done by a review of relevant strategic management literature. Firstly, the applied methodology for the literature analysis is presented. This section provides an overview on the exhaustive range of approaches and understandings of the strategic management discipline, academic, and practice literature has developed. Included is an overview of historical developments of strategic management from early ancient concepts to modern strategic management. Further, fundamental concepts and three core theories of strategic management, i.e., market-based view, resource-based view, and the institution-based view, are discussed. The chapter also considers arguments opposing and supporting strategic management’s entitlement to exist. Furthermore, the process of strategic management with its four core process steps is introduced. Additionally, the answer to the research question is prepared by introducing factors that affect strategic management, such as institutional factors, market/industry factors, and organizational factors. Eventually, the strategic management process of multinational corporations in the field of tension between internal and external forces is debated along the two dimensions—structure and actors. Furthermore, procedural justice is discussed as organizational response to ensure efficiency in the strategic management process of multinational corporations as well as coordination and control mechanisms as enabler of multinational corporations’ strategic management processes.

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Cf. Bird and Mendenhall ( 2016 , p. 116), Bracker ( 1980 , p. 219), Mintzberg ( 1987a , p. 67, 1990 , p. 171).

Cf. Wolf and Floyd ( 2017 , p. 1757).

Cf. Pindur et al. ( 1995 , p. 59).

Cf. Barkema et al. ( 2015 , pp. 462f), Bracker ( 1980 , p. 219), Dent and Bozeman ( 2014 , p. 149), Mintzberg ( 1990 , p. 171), Talbot ( 2003 , pp. 2ff).

Cf. Bracker ( 1980 , p. 219), Hungenberg ( 2014 , p. 5).

Cf. Bracker ( 1980 , p. 219).

Cf. Mintzberg ( 1987b , p. 11), Talbot ( 2003 , pp. 1ff).

Socrates explained Nichomachides, who lost an election for a position as a general against a businessman, the similarties of a general’s with a businessman’s duties (see Xenophon ( 1994 )).

Cf. Xenophon ( 1994 , pp. 77ff).

See Goldsworthy ( 2010 ). Roskell and Taylor ( 1971 ).

Cf. Dent and Bozeman ( 2014 , p. 147), Pindur et al. ( 1995 , pp. 60f).

Cf. Barkema et al. ( 2015 , p. 467).

Cf. Pindur et al. ( 1995 , pp. 61f).

Cf. Burnes ( 2017 , p. 50), Conti ( 2013 , p. 11).

Cf. Dent and Bozeman ( 2014 , p. 158), Peaucelle and Guthrie ( 2013 , p. 49), Pindur et al. ( 1995 , pp. 60ff).

Cf. Pindur et al. ( 1995 , p. 62).

Cf. Cummings et al. ( 2017 , pp 237ff), Pindur et al. ( 1995 , pp. 64ff), Sanders and Kianty ( 2006 , p. 57).

Cf. Powell et al. ( 2010 , p. 342).

Cf. Aldrich ( 2004 , pp. 379ff), Cummings et al. ( 2017 , pp. 46ff), Hofstede ( 1993 , p. 93), Powell et al. ( 2010 , pp. 315ff).

Cf. Bea and Haas ( 2017 , p. 12), Bracker ( 1980 , p. 219), Ortmann and Seidl ( 2010 , p. 354).

Cf. Bea and Haas ( 2017 , pp. 12ff), Taylor ( 1986 , pp. 16ff).

Cf. Ortmann and Seidl ( 2010 , p. 354).

Cf. Bracker ( 1980 , p. 219), Hungenberg ( 2014 , pp. 5f), Hurst ( 1986 , p. 6).

Bracker ( 1980 , p. 219), Hurst ( 1986 , p. 6).

Cf. Hungenberg ( 2014 , pp. 5f).

Mintzberg ( 1990 , p. 171).

Cf. Bracker ( 1980 , p. 221).

Cf. Hurst ( 1986 , p. 6).

Cf. Webster et al. ( 1989 , pp. 5f).

Cf. Blagg ( 2008 , n.p.), Hoskisson et al. ( 1999 , pp. 422f), Hungenberg ( 2014 , p. 5), Kiechel III ( 2010 , p. 118), Seth ( 2015 , p. 6).

Cf. Bartlett and Ghoshal ( 1993 , p. 23), Geissler and Krys ( 2013 , p. 30).

Cf. Bea and Haas ( 2017 , p. 17), Chandler ( 1962 , pp. 13ff), Williams and van Triest ( 2009 , p. 157).

Chandler ( 1962 , pp. 13f).

Burgelman ( 1983 , pp. 62ff).

Lawrence and Lorsch ( 1969 , p. 54).

Cf. Ali and Shaw ( 1988 , p. 120).

Cf. Brock and Barry ( 2003 , p. 545), Miller and Cardinal ( 1994 , p. 1650).

Cf. Hofstede ( 1980b , pp. 49ff).

Cf. Williams and van Triest ( 2009 , p. 157).

Cf. Paterson and Brock (pp. 140ff).

See Andrews ( 1971 ), Ansoff ( 1965 ). Chandler ( 1962 ), Learned et al. ( 1969 ).

Cf. Hoskisson et al. ( 1999 , p. 422).

Cf. Guerras-Martín et al. ( 2014 , p. 69), Hoskisson et al. ( 1999 , p. 422).

Learned et al. ( 1969 , p. 15).

Cf. Hurst ( 1986 , pp. 6ff), Ocasio and Joseph ( 2008 , pp. 249ff), Webster et al. ( 1989 , p. 5).

Most notably are the BCG growth-share matrix, GE’s multifactorial analysis also called McKinsey’s 9-box matrix or the Ansoff matrix (Cf. Ali and Shaw 1988 , pp. 112f; Johnson et al. 2008 , p. 315; Ocasio and Joseph 2008 , p. 256; Kiechel III 2010 , pp. 57ff, 109).

Cf. Ali and Shaw ( 1988 , pp. 110ff), Bea and Haas ( 2017 , p. 13), Wolf and Floyd ( 2017 , p. 1763).

Cf. Bea and Haas ( 2017 , p. 13).

Cf. Ansoff ( 1969 , pp. 7f).

Cf. Bracker ( 1980 , pp. 219f).

Cf. Bonn and Christodoulou ( 1996 , p. 543).

Cf. Bea and Haas ( 2017 , pp. 7, 99).

Cf. Hofer and Schendel ( 1978 , pp. 18ff).

Bonn and Christodoulou ( 1996 , p. 543).

Cf. Hussey ( 1998 , p. 4), Martinet ( 2010 , p. 1485).

Their approach is based on four pillars “(1) the systematic differentiation between the internal and external perspective, (2) the integration of strategy as a separate element of the organizational lifeworld, (3) the conceptualization of the ‘ongoing process’ as the primary location of the genesis of strategies and (4) the exploration of alternative forms of rationality” Ortmann and Seidl ( 2010 , p. 358).

Cf. Ortmann and Seidl ( 2010 , p. 358).

Cf. Webster et al. ( 1989 , p. 5).

Cf. Wolf and Floyd ( 2017 , pp. 1760ff).

Wolf and Floyd ( 2017 , p. 1756).

Cf. Miller and Cardinal ( 1994 , p. 1662).

See Mintzberg ( 1994b ).

Cf. Wolf and Floyd ( 2017 , p. 1756).

Cf. Darr ( 2011 , p. 7), Pindur et al. ( 1995 , p. 63).

Eichhorn and Towers ( 2018 , p. 264)

Olarewaju ( 2012 , p. 552)

Cf. Eichhorn and Towers ( 2018 , pp. 12f), Saltorato and Benatti ( 2018 , p. 252)

Gopinath and Hoffman ( 1995 , p. 575)

Samiee and Athanassiou ( 1998 , p. 80).

Nag et al. ( 2007 , p. 942).

Judge and Speitzfaden ( 1995 , p. 179).

Gluck et al. ( 1980 , p. 156).

Cf. Ali and Shaw ( 1988 , p. 105), Boyd ( 1991 , p. 353).

Guerras-Martín et al. ( 2014 , p. 70).

Cf. Hungenberg ( 2014 , pp. 16f, 78f).

Lorange ( 1980 , p. 1).

Cf. Nag et al. ( 2007 , p. 942).

Hunger and Wheelen ( 2009 , pp. 10f).

Cf. Arend et al. ( 2017 , p. 1741), Veliyath ( 1992 , pp. 86ff).

Cf. Darr ( 2011 , 21), Johnson et al. ( 2008 , pp. 15ff).

Cf. Bea and Haas ( 2017 , pp. 57f).

In the Germano-phone area, the military general von Clausewitz is accredited for the incorporation of strategy in modern times. He described strategy as “the use of combat for the purpose of war ( Die Lehre vom Gebrauch der Gefechte zum Zweck des Krieges ).” (See von Oetinger et al. ( 2016 , p. 106)).

Cf. Eichhorn and Towers ( 2018 , pp. 281f).

Cf. Hunger and Wheelen ( 2009 , pp. 8f).

Cf. Hungenberg ( 2014 , pp. 4f).

Cf. Porter ( 1985 , p. 8).

Cf. Zahn and Foschiani ( 2001 , p. 414).

Cf. Mintzberg ( 1973 , pp. 44ff).

Cf. Hart ( 1992 , pp. 328f), Hunger and Wheelen ( 2009 , pp. 12f), Mintzberg ( 1973 , pp. 44ff).

Cf. Hart ( 1992 , pp. 328ff).

Cf. Quinn ( 1978 , pp. 14ff).

Quinn ( 1980 , p. 58).

Cf. Hart ( 1992 , pp. 328ff), Hunger and Wheelen ( 2009 , pp. 6f).

See Simon ( 1957 ).

Douma and Schreuder ( 2002 , p. 147).

Cf. Simon ( 1972 , pp. 173ff).

Cf. Camillus ( 2018 , pp. 920f).

Cf. Mintzberg ( 1973 , p. 52).

Cf. Hungenberg ( 2014 , p. 4).

Cf. Ali and Shaw ( 1988 , pp. 106ff).

Cf. Brock et al. ( 2000 , p. 689).

Cf. Brock et al. ( 2000 , p. 690).

Cf. Fredrickson and Mitchell ( 1984 , pp. 401ff).

Cf. Das ( 1991 , p. 52).

Cf. Brock and Barry ( 2003 , p. 543), Ramanujam and Venkatraman ( 1987 , p. 455).

Cf. Ramanujam and Venkatraman ( 1987 , pp. 455, 463), Veliyath and Shortell ( 1993 , pp. 361f).

Cf. Hungenberg ( 2014 , pp. 4,15f).

Cf. Brock et al. ( 2000 , pp. 690), Veliyath and Shortell ( 1993 , pp. 361f).

Cf. Lorange ( 1980 , pp. 74f).

Cf. Brock and Barry ( 2003 , p. 547), Weidenbaum ( 1966 , pp. 8ff).

Cf. Arend et al. ( 2017 , p. 1741), Barringer and Bluedorn ( 1999 , p. 422), Robinson Jr and Pearce ( 1983 , p. 198), Wolf and Floyd ( 2017 , p. 1768).

Cf. Brock et al. ( 2000 , p. 691), Veliyath and Shortell ( 1993 , p. 361).

Cf. Hopkins and Hopkins ( 1997 , pp. 636f).

Mintzberg and Lampel ( 1999 , p. 22).

Cf. Armstrong ( 1982 , pp. 198f).

Chong and Park ( 2003 , p. 34).

Cf. Dibrell et al. ( 2014 , pp. 2004ff).

Cf. Bachmann et al. ( 2016 , p. 301), Dincer et al. ( 2006 , p. 208), Mintzberg ( 1994a , p. 24), Wolf and Floyd ( 2017 , p. 1772).

Cf. Wolf and Floyd ( 2017 , p. 1772).

Shaw et al. ( 1998 , p. 42).

Cf. Eppler and Platts ( 2009 , pp. 42ff), Shaw et al. ( 1998 , pp. 41f), Wolf and Floyd ( 2017 , pp. 1772).

The agency theory provides insights into the delegation of decision-making from a principal (e.g., owner) to an agent (e.g., management) and resulting issues. It assumes risk aversity and self-interest of actors. Furthermore, it assumes asymmetric information between actors as well as goal incongruence. Through contracts principals hand over decision-making power and try to control agent’s behavior; however, they still bear uncertainty about the actual behavior of agents See Chang and Taylor ( 1999 , p. 543), Zajac ( 1990 , p. 217).

Cf. Zajac ( 1990 , pp. 218, 227).

Moisander and Stenfors ( 2009 , p. 228).

Cf. Oliver and Parrett ( 2018 , p. 340).

Cf. Moisander and Stenfors ( 2009 , p. 243).

Cf. Arend et al. ( 2017 , pp. 1741ff), Moisander and Stenfors ( 2009 , pp. 241f).

Cf. Ali and Shaw ( 1988 , p. 124).

Cf. Jennings ( 2000 , pp. 213ff).

Cf. Brock et al. ( 2000 , p. 689), Hunger and Wheelen ( 2009 , p. 3).

Cf. Hunger and Wheelen ( 2009 , p. 3).

Cf. Jocumsen ( 2004 , 669f), Johnson et al. ( 2008 , p. 607), Miller and Cardinal ( 1994 , p. 1651), Moisander and Stenfors ( 2009 , pp. 228ff).

Darr ( 2011 , p. 20).

Wolf and Floyd ( 2017 , p. 1764).

Cf. Gluck et al. ( 1982 , p. 9).

Cf. Ansoff ( 1979 , pp. 5ff).

Cf. Wernham ( 1985 , p. 636).

Hussey ( 1998 , p. 12).

Cf. Hart and Banbury ( 1994 , p. 251).

Cf. Bea and Haas ( 2017 , pp. 13f).

Cf. Hungenberg ( 2014 , pp. 6f), Mintzberg ( 1987b , pp. 11f).

Cf. Porter ( 1985 , pp. 482ff).

Cf. Hungenberg ( 2014 , pp. 6f), Mintzberg ( 1987b , pp. 11ff), Mintzberg and Waters ( 1985 , pp. 259ff).

See Boyd ( 1991 ), Brews and Hunt ( 1999 ), Hoffman ( 2007 ), Miller and Cardinal ( 1994 ).

Cf. Brews and Hunt ( 1999 , pp. 890f), Hoffman ( 2007 , p. 28), Parnell et al. ( 2000 , p. 521).

Cf. Brews and Hunt ( 1999 , 891f), Hoffman ( 2007 , 28f).

Cf. Brews and Hunt ( 1999 , pp. 890ff), Hoffman ( 2007 , pp. 28f), Parnell et al. ( 2000 , p. 521).

Cf. Mintzberg ( 1987b , pp. 14ff), Mintzberg and Waters ( 1985 , pp. 257ff).

Mintzberg and McHugh ( 1985 , p. 161).

Cf. Mintzberg and Waters ( 1985 , pp. 268f).

Cf. Mintzberg ( 1994b , p. 111).

Cf. Porter ( 1994 , pp. 273ff).

Cf. Martinet ( 2010 , p. 1486).

Cf. Mauri and Michaels ( 1998 , p. 217).

Cf. Camillus ( 2018 , p. 920).

Cf. Slevin and Covin ( 1997 , pp. 201ff).

Cf. Burgelman ( 1983 , pp. 62ff), Samiee and Athanassiou ( 1998 , p. 89).

Cf. Acar and Acar ( 2012 , p. 684), Porter ( 1985 , pp. 268f).

Cf. Burgelman ( 1983 , p. 61).

Luo et al. ( 2011 , pp. 190f).

See Porter ( 1980 , 1985 ).

Cf. Ali and Shaw ( 1988 , p. 124), Idenburg ( 1993 , p. 133), Porter ( 1985 , pp. 25f), Wolf and Floyd ( 2017 , p. 1767).

See Ansoff ( 1987 ).

See Mintzberg and Waters ( 1985 ).

Cf. Hart ( 1992 , pp. 330ff).

Cf. Hart ( 1992 , pp. 332).

Cf. Nonaka ( 1988 , pp. 13ff).

Cf. Crook et al. ( 2006 , p. 409), Degravel ( 2015 , p. 13).

See Porter ( 1980 ).

See Barney ( 1991 ). Wernerfelt ( 1984 ).

While literature uses both market- and industry-based views, the following thesis is using market-based view; however, verbal quotes might also use industry-based view, which can therefore be seen as a synonym.

Cf. Peng et al. ( 2008 , pp. 920ff), Zahn ( 1999 , p. 1).

Cf. Hungenberg ( 2014 , pp. 71f).

Wernerfelt ( 1984 , p. 171).

Cf. Bamberger and Wrona ( 1996 , p. 147), Kraaijenbrink et al. ( 2010 , p. 350).

Cf. Hoskisson et al. ( 1999 , pp. 420ff).

Cf. Johnson et al. ( 2008 , pp. 116ff).

Cf. Peng et al. ( 2008 , pp. 920f).

Cf. Peng ( 2002 , pp. 251ff).

Peng et al. ( 2008 , p. 923).

Cf. Peng ( 2002 , pp. 252f).

See Porter ( 1980 ), (1985).

Cf. Powell ( 1992 , p. 552).

Cf. Mintzberg ( 1987b , pp. 15f).

Cf. Hoskisson et al. ( 1999 , pp. 419, 425).

Cf. Bea and Haas ( 2017 , pp. 29f), McWilliams and Smart ( 1993 , pp. 63ff).

Cf. Porter ( 1980 , pp. ix ff).

Cf. Hungenberg ( 2014 , pp. 59ff).

It is composed of the forces: threat of new entrants, bargaining power of buyers, threat of substitute products or services, bargaining power of suppliers, and rivalry among existing firms (see Porter ( 1980 , pp. 6ff)).

Cf. Porter ( 1980 , pp. 6ff).

Cf. Bea and Haas ( 2017 , pp. 109ff).

Porter ( 1985 , pp. 4ff).

Cf. Porter ( 1985 , pp. 4ff).

Cf. Grundy ( 2006 , pp. 213ff).

Cf. Porter ( 1980 , pp. 35ff).

See Acar and Acar ( 2012 , p. 684), Brock and Barry ( 2003 , p. 549).

Cf. Porter ( 1980 , pp. 38ff).

Cf. Brock and Barry ( 2003 , p. 549).

Cf. Miller ( 1986 , pp. 239f, 1988 , pp. 284f).

Cf. Porter ( 1985 , pp. 11f, 15f).

Porter ( 1980 , p. 38).

Porter ( 1985 , p. 16).

Cf. Miller ( 1989 , p. 242), Parnell et al. ( 2000 , p. 521).

Cf. Porter ( 1980 , pp. 9ff).

Porter ( 1985 , p. 7).

Cf. Porter ( 1985 , p. 7).

Cf. Johnson et al. ( 2008 , pp. 242ff; 624).

Cf. McWilliams and Smart ( 1993 , pp. 68f).

Cf. Knecht ( 2014 , p. 19).

See Wernerfelt ( 1984 ).

Cf. Hoskisson et al. ( 1999 , pp. 419ff), Zubac et al. ( 2010 , p. 516).

Cf. Powell et al. ( 2010 , p. 318).

Cf. Zubac et al. ( 2010 , p. 515).

Wolf and Floyd ( 2017 , p. 1773).

See Barney ( 1991 , pp. 105ff), Hart and Banbury ( 1994 , pp. 265f), Wernerfelt ( 1984 , pp. 172ff).

Birkinshaw ( 2000 , p. 102).

Birkinshaw ( 2000 , p. 107).

Cf. Birkinshaw ( 2000 , pp. 105ff).

Cf. Collis and Montgomery ( 1995 , p. 119), Degravel ( 2015 , pp. 13f)., Powell ( 1992 , p. 552), Vega-Jurado et al. ( 2008 , p. 617), Zubac et al. ( 2010 , 517ff).

Cf. Eisenhardt and Martin ( 2000 , pp. 1106f).

Cf. Barney ( 1991 , pp. 105ff), Hoskisson et al. ( 1999 , pp. 418ff), Powell ( 1992 , pp. 552f).

Cf. Acar and Acar ( 2012 , p. 684), Li et al. ( 2001 , p. 116), Vega-Jurado et al. ( 2008 , p. 617).

Cf. Conner ( 1991 , p. 121).

Cf. Helfat and Peteraf ( 2003 , pp. 998f), Sirmon et al. ( 2007 , p. 274).

Cf. Barney ( 1991 , pp. 101ff).

Cf. Barney ( 2001 , p. 648).

Cf. Barney ( 1991 , p. 102), Degravel ( 2015 , p. 13).

Cf. Ambrosini et al. ( 2009 , p. 9f), Barney ( 1991 , pp. 105ff), Powell ( 1992 , pp. 552f), Priem and Butler ( 2001 , p. 23), Sirmon et al. ( 2007 , p. 274).

Cf. Peteraf ( 1993 , pp. 183ff).

Teece ( 2007 , p. 1325).

Cf. Barney ( 1991 , pp. 102ff), Ghoshal ( 1988 , pp. 83f), Teece ( 2007 , pp. 1319ff).

Cf. Teece et al. ( 1997 , pp. 516ff), Teece ( 2007 , p. 1319).

Eisenhardt and Martin ( 2000 , p. 1106).

Cf. Helfat and Peteraf ( 2003 , pp. 998f), Teece et al. ( 1997 , pp. 517ff).

Cf. Teece et al. ( 1997 , p. 528).

Cf. Teece ( 2007 , pp. 1322ff).

Eisenhardt and Martin ( 2000 , p. 1117).

Cf. Eisenhardt and Martin ( 2000 , p. 1106).

Cf. Brews and Hunt ( 1999 , pp. 905f).

Cf. Hart and Banbury ( 1994 , p. 256).

Cf. Powell ( 1992 , p. 553).

Cf. Campbell ( 1999 , pp. 41ff).

Cf. Acar and Acar ( 2012 , p. 684).

Cf. Wolf and Floyd ( 2017 , p. 1771).

Cf. Barney ( 1986 , pp. 656ff), Fiol ( 1991 , pp. 191ff), Hamel and Prahalad ( 1990 , pp. 87ff), Hansen and Wernerfelt ( 1989 , p. 401), Powell ( 1992 , p. 552).

Cf. Bea and Haas ( 2017 , pp. 30ff).

Cf. Hamel and Prahalad ( 1990 , pp. 86ff).

Cf. Javidan ( 1998 , pp. 61ff).

Cf. Nonaka and Toyama ( 2003 , p. 4).

Cf. Bea and Haas ( 2017 , p. 33).

Cf. Grant ( 1996 , p. 111).

Cf. Zahn and Foschiani ( 2001 , p. 417).

Cf. Nonaka et al. ( 2000 , pp. 10ff).

The transfer of tacit knowledge through shared experiences is called socialization. Externalization describes the transfer from tacit knowledge into explicit knowledge to serve as the basis of new knowledge. Combination covers when existing explicit knowledge that can originate from inside or outside the organization is combined, edited, or processed to gain new knowledge that is more complex and systematic. The internalization is transferring explicit knowledge into tacit knowledge (see Nonaka et al. ( 2000 , pp. 8ff), Nonaka and Toyama ( 2003 , pp. 4f)).

Cf. Nonaka et al. ( 2000 , pp. 8ff), Nonaka and Toyama ( 2003 , pp. 4f).

Cf. Degravel ( 2015 , p. 13), Eisenhardt and Martin ( 2000 , p. 1106), Kraaijenbrink et al. ( 2010 , p. 351), Priem and Butler ( 2001 , 27ff).

Kraaijenbrink et al. ( 2010 , p. 351).

Cf. Kraaijenbrink et al. ( 2010 , pp. 351, 361).

Peng et al. ( 2008 , p. 929).

Cf. Peng ( 2002 , pp. 251ff), Peng et al. ( 2008 , pp. 920ff).

North ( 1990 , p. 3).

Scott ( 1995 , p. 33).

Cf. Peng et al. ( 2008 , pp. 921f).

Davis and North ( 1971 , p. 6).

Cf. Peng ( 2002 , p. 252).

Cf. Holmes et al. ( 2013 , pp. 533ff), North ( 1990 , pp. 3ff), Peng et al. ( 2008 , pp. 921ff), Scott ( 1995 , pp. 35ff).

Cf. Barley and Tolbert ( 1997 , pp. 93ff), Holmes et al. ( 2013 , pp. 533).

Cf. Powell ( 1991 , pp. 183ff), Witt and Redding ( 2009 , pp. 859ff).

Cf. Holmes et al. ( 2013 , p. 535).

Cf. North ( 1991 , p. 97, 1993 , p. 7).

See Coase ( 1937 ).

See Williamson ( 1973 , 1979 , 1994 ).

Cf. North ( 1987 , pp. 419ff), Williamson ( 2000 , pp. 599ff).

Cf. Bea and Haas ( 2017 , pp. 28ff), Williamson ( 1994 , pp. 81ff, 2000 , p. 599).

See Sect. 2.2.2 .

Cf. Chen et al. ( 2002 , p. 567), Douma and Schreuder ( 2002 , p. 145), Simon ( 1972 , pp. 163ff), Williamson ( 1994 , p. 107).

Cf. Chen et al. ( 2002 , pp. 569ff), Ghoshal and Moran ( 1996 , p. 14), Sheng et al. ( 2018 , pp. 2ff).

Williamson ( 1993 , p. 476).

Cf. Chen et al. ( 2002 , p. 568).

Cf. Peng et al. ( 2008 , p. 930), Williamson ( 1994 , pp. 77ff).

Cf. Peng ( 2002 , pp. 252f, 2003 , pp. 275ff), Peng et al. ( 2008 , pp. 922f).

Cf. Peng ( 2002 , pp. 256f), Peng et al. ( 2008 , p. 923).

Cf. Peng ( 2002 , p. 261), Peng et al. ( 2008 , p. 930).

Schendel ( 1992 , p. 3).

See Ansoff et al. ( 1970 ). Chandler ( 1962 ), Learned et al. ( 1969 ), Thune and House ( 1970 ).

Cf. Powell ( 1992 , p. 551).

See Mintzberg et al. ( 1986 ), Quinn ( 1980 ). Sarrazin et al. ( 1977 ).

See Boyd ( 1991 ). Fredrickson and Mitchell ( 1984 ), Pearce et al. ( 1987a ), Powell ( 1992 ).

See Bresser and Bishop ( 1983 ), Mintzberg ( 1987c ).

Cf. Ali ( 2018 , p. 11), Arend et al. ( 2017 , p. 1743), Miller and Cardinal ( 1994 , pp. 1650f).

Hurst ( 1986 , pp. 24f).

See Grinyer and Norburn ( 1975 ). Rhenman ( 1973 ).

Miller and Cardinal ( 1994 , p. 1651).

Cf. Pearce et al. ( 1987a , pp. 670ff).

Cf. Boyd ( 1991 , pp. 362f).

Cf. O’Gorman and Doran ( 1999 , p. 65).

See Ansoff ( 1991 ). Armstrong ( 1982 ), Barringer and Bluedorn ( 1999 ), Hoffman ( 2007 ), Miller and Cardinal ( 1994 ), Pearce et al. ( 1987b ).

Cf. Ansoff ( 1991 , pp. 455ff).

Cf. Salomo et al. ( 2007 , pp. 297f).

Cf. Armstrong ( 1982 , pp. 199f).

Cf. Ansoff ( 1991 , p. 456).

Cf. Smith and Grimm ( 1987 , pp. 363ff).

Cf. Pearce et al. ( 1987b , pp. 125ff).

Cf. Schwenk and Shrader ( 1993 , pp. 53ff).

Cf. Miller and Cardinal ( 1994 , pp. 1660f).

Cf. Barringer and Bluedorn ( 1999 , pp. 433ff).

Cf. Hoffman ( 2007 , p. 42).

Cf. Rudd et al. ( 2008 , pp. 99f, 104).

Cf. Rudd et al. ( 2008 , p. 100).

Cf. Glaister et al. ( 2008 , p. 370).

Cf. Glaister et al. ( 2008 , pp. 377ff).

Cf. Arend et al. ( 2017 , pp. 1748f).

Cf. Mueller et al. ( 2007 , pp. 854ff).

Cf. Veliyath and Shortell ( 1993 , p. 359).

Cf. Capon et al. ( 1994 , p. 108).

Cf. Boyd ( 1991 , pp. 362f), Hart and Banbury ( 1994 , pp. 252f), Miller and Cardinal ( 1994 , pp. 1662f), Powell ( 1992 , pp. 554ff).

Cf. Lyles et al. ( 1993 , pp. 47f).

Cf. Falshaw et al. ( 2006 , pp. 23f).

Cf. Ali and Shaw ( 1988 , pp. 112f).

Cf. Ireland et al. ( 1987 , pp. 481f).

Cf. Miller and Cardinal ( 1994 , pp. 1652ff), Parnell et al. ( 2000 , pp. 521).

Cf. Peterson et al. ( 2002 , p. 252), Zahn and Foschiani ( 2006 , p. 82f), Zuckerman ( 2011 , pp. 1ff).

Mintzberg ( 1990 , p. 184).

Cf. Mintzberg ( 1990 , p. 184).

Cf. Armstrong ( 1982 , p. 202).

Cf. Zahn and Foschiani ( 2006 , p. 83).

See Ansoff ( 1991 ), Baum and Wally ( 2003 ). Miller and Friesen ( 1983 ), Pearce et al. ( 1987a ).

Cf. Brews and Hunt ( 1999 , pp. 889ff).

Cf. Brews and Purohit ( 2007 , pp. 64ff).

Cf. Yusuf and Nyomori ( 2002 , pp. 11ff).

See Brews and Hunt ( 1999 ). Goll and Rasheed ( 1997 ).

Cf. Hoffman ( 2007 , p. 27).

Cf. Hungenberg ( 2014 , pp. 86f).

Cf. Ansoff ( 1991 , p. 457), Armstrong ( 1982 , pp. 202f), Miller and Cardinal ( 1994 , p. 1652).

Cf. Courtney et al. ( 1997 , pp. 67ff), Parnell et al. ( 2000 , p. 521).

Cf. Armstrong ( 1982 , p. 203).

Cf. Hutzschenreuter and Kleindienst ( 2006 , p. 676).

Cf. Ashmore ( 1992 , pp. 57ff).

Souitaris and Marcello Maestro ( 2010 , p. 658).

Cf. Baum and Wally ( 2003 , pp. 1107f, 1125).

Cf. Forbes ( 2005 , pp. 360ff), Perlow et al. ( 2002 , pp. 947f).

Cf. Miller and Cardinal ( 1994 , pp. 1649f).

Cf. Arend et al. ( 2017 , p. 1741), Wolf and Floyd ( 2017 , p. 1767).

Cf. Leonard-Barton ( 1992 , pp. 118ff), Slotegraaf and Dickson ( 2004 , pp. 380f).

Cf. Arend et al. ( 2017 , pp. 1743, 1743).

Cf. Arend et al. ( 2017 , p. 1741), Grant ( 2003 , p. 509).

Cf. Griffin ( 1997 , pp. 30ff).

Cf. Brown and Eisenhardt ( 1995 , pp. 372ff).

Ali and Shaw ( 1988 , p. 107).

Cf. Brock and Barry ( 2003 , p. 555).

Cf. Brock and Barry ( 2003 , p. 548), Lorange ( 1980 , pp. 2ff), Miller and Cardinal ( 1994 , p. 1651), Robinson Jr and Pearce ( 1983 , pp. 197ff).

Cf. Brock and Barry ( 2003 , p. 548).

Brock and Barry ( 2003 , p. 544).

Please refer to Sect. 2.2.2 .

Cf. Ansoff ( 1987 , p. 505), Camillus ( 2018 , pp. 920f), Quinn ( 1980 , pp. 97ff).

van Maanen and Schein ( 1977 , pp. 1f).

Cf. Griffeth et al. ( 2000 , pp. 483ff).

Cf. Kaplan and Minton ( 2012 , p. 81).

Cf. Palomino and Peyrache ( 2013 , pp. 1301f).

Cf. Brews and Purohit ( 2007 , pp. 78f), Burgelman et al. ( 2018 , pp. 535f).

Cf. Hutzschenreuter and Kleindienst ( 2006 , pp. 702ff).

Brock et al. ( 2000 , p. 689).

Mintzberg ( 1973 , p. 53).

Hamel ( 1996 , p. 70).

See Lyles et al. ( 1993 ), Nadler ( 1994 ).

Cf. Greenley ( 1994 , p. 384).

Cf. Nadler ( 1994 , p. 30).

See Ansoff ( 1991 ). Armstrong ( 1982 ), Grinyer et al. ( 1986 ).

Cf. Miller and Cardinal (p. 1650).

Eichhorn and Towers ( 2018 , p. 2).

Cf. Falshaw et al. ( 2006 , p. 11).

Cf. Bromiley and Rau ( 2016 , p. 174).

See Gluck et al. ( 1982 ), Hax and Majluf ( 1984 ), Hunger and Wheelen ( 2009 ), Hurst ( 1986 ).

Cf. Hungenberg ( 2014 , pp. 19f).

Cf. Hunger and Wheelen ( 2009 , pp. 4ff).

Cf. Barr and Glynn ( 2004 , p. 65).

Cf. Barkema et al. ( 2015 , p. 463), Barringer and Bluedorn ( 1999 , p. 423).

Cf. Aldehayyat ( 2011 , pp. 193ff, 2015 , pp. 459ff), Ginter and Duncan ( 1990 , pp. 91ff), Hambrick ( 1982 , pp. 159ff).

Cf. Aldehayyat ( 2011 , pp. 193ff, 2015 , pp. 459ff), Bérard and Delerue ( 2010 , p. 168), Ghoshal ( 1988 , p. 69), Hambrick ( 1982 , pp. 159ff), Jain ( 1984 , pp. 117ff), Porter ( 1985 , p. 451).

Aguilar ( 1967 , p. 1).

Classical decision theory assumes a sequential three-step process starting by “ask[ing] the right questions, continues by discovering creative answers and finishes by making sure that the chosen solution is valuable and useful” and thereby assumes fully rational decision-makers who base their decisions on full certainty and with a complete set of information (Li 2008 , p. 151).

Cf. Feldman and March ( 1981 , p. 182).

Cf. Feldman and March ( 1981 , p. 175).

Daft and Weick ( 1984 , p. 286).

Cf. Choo ( 2001 , n.p.), Daft et al. ( 1988 , pp. 126ff).

Cf. Daft and Weick ( 1984 , pp. 286ff).

Cf. Choo ( 2001 , n.p.).

Cf. Daft and Weick ( 1984 , pp. 285ff), Sirmon et al. ( 2007 , pp. 274ff), Vecchiato ( 2015 , pp. 257ff).

Cf. Barringer and Bluedorn ( 1999 , p. 423).

Cf. Hunger and Wheelen ( 2009 , pp. 6; 49f).

Cf. Ebrahimi ( 2000 , pp. 68f).

Cf. Daft et al. ( 1988 , pp. 135f).

Cf. Choo ( 2001 , n.p.), Ebrahimi ( 2000 , p. 76), Hungenberg ( 2014 , pp. 87ff).

Cf. Barron et al. ( 2015 , 601ff).

Cf. Miller and Friesen ( 1983 , p. 223).

Cf. Bachmann et al. ( 2016 , p. 299).

Cf. Barringer and Bluedorn (pp. 433ff).

Cf. Rogers et al. ( 1999 , pp. 567ff).

Cf. Aldehayyat ( 2015 , p. 475).

Please refer to section “Market-Based View”.

Cf. Jennings and Lumpkin ( 1992 , p. 799).

Cf. Jain ( 1984 , pp. 117ff), Thomas ( 1980 , pp. 20ff).

Cf. Ebrahimi ( 2000 , p. 68).

Cf. Chattopadhyay et al. ( 2001 , p. 952).

Cf. O’Regan et al. ( 2007 , pp. 6ff).

Cf. Sallivan and Nonaka ( 1988 , pp. 6ff).

Cf. Daft et al. ( 1988 , pp. 135ff).

Cf. Schneider and De Meyer ( 1991 , pp. 307ff).

Cf. Hambrick and Mason ( 1984 , p. 193).

Cf. Ireland et al. ( 1987 , p. 470), Knight et al. ( 1999 , pp. 445ff), Souitaris and Marcello Maestro ( 2010 , pp. 653ff), Wang et al. ( 2012 , pp. 572ff).

Cf. Hutzschenreuter and Kleindienst ( 2006 , pp. 676f).

Cf. Hambrick and Mason ( 1984 , pp. 197ff), Peterson et al. ( 2002 , pp. 245f).

Cf. Hambrick and Mason ( 1984 , pp. 197ff), Knight et al. ( 1999 , pp. 445ff), Peterson et al. ( 2002 , p. 247)

Wang et al. ( 2012 , p. 572).

Cf. Souitaris and Marcello Maestro (p. 654).

Cf. López-Duarte et al. ( 2016 , pp. 411ff).

Cf. Aldehayyat ( 2015 , pp. 459ff), Daft et al. ( 1988 , pp. 124f), Ebrahimi ( 2000 , p. 68).

Cf. Aldehayyat ( 2015 , pp. 459ff), Ebrahimi ( 2000 , pp. 68f), Hungenberg ( 2014 , pp. 88ff).

Cf. Johnson et al. ( 2008 , p. 65).

Cf. Burgelman et al. ( 2018 , p. 537), Eichhorn and Towers ( 2018 , p. 284), Johnson et al. ( 2008 , p. 102), Wolf and Floyd ( 2017 , p. 1772).

Schneider and De Meyer ( 1991 , p. 307).

Cf. Hungenberg ( 2014 , p. 85).

Cf. Bachmann et al. ( 2016 , p. 300), Gopinath and Hoffman ( 1995 , p. 577), Hungenberg ( 2014 , p. 9).

Cf. Schneider and De Meyer ( 1991 , p. 307).

Cf. Waddock and Isabella ( 1989 , pp. 626ff).

Cf. Newgren et al. ( 1984 , pp. 352ff).

Cf. West ( 1990 , pp. 87ff).

Cf. Subramanian et al. ( 1993 , pp. 271ff).

Cf. Costa ( 1995 , pp. 4ff).

Cf. Bachmann et al. ( 2016 , p. 299), Barringer and Bluedorn ( 1999 , 432ff).

Cf. Aldehayyat ( 2015 , pp. 474f).

Cf. Lenz and Engledow ( 1986 , pp. 70f).

Hunger and Wheelen ( 2009 , p. 6).

Cf. Palich and Gomez-Mejia ( 1999 , p. 596).

Cf. Schneider ( 1989 , pp. 149ff).

Cf. Parnell et al. (p. 525).

Cf. Ali and Shaw ( 1988 , p. 110), Hay and Usunier ( 1993 , pp. 317ff).

Hoffman ( 2007 , p. 28).

Cf. Mintzberg ( 1993 , p. 32).

Cf. Armstrong ( 1982 , p. 199).

Cf. Bea and Haas ( 2017 , pp. 70ff), Hay and Usunier ( 1993 , pp. 315ff), Hungenberg ( 2014 , pp. 9ff), Hunger and Wheelen ( 2009 , pp. 6ff), Johnson et al. ( 2008 , p. 209), Pasha and Poister ( 2017 , pp. 504ff).

Cf. Hunger and Wheelen ( 2009 , p. 9).

Cf. Clercq et al. ( 2010 , pp. 87ff).

Cf. Armstrong ( 1982 , pp. 198ff), Idenburg ( 1993 , p. 133f).

Cf. Hungenberg ( 2014 , p. 10).

Singh ( 1998 , p. 146).

Cf. Hrebiniak ( 2006 , pp. 12, 14), Li et al. ( 2008 , pp. 3ff).

Cf. Hungenberg ( 2014 , p. 10), Hunger and Wheelen ( 2009 , p. 9).

Cf. Li et al. ( 2008 , pp. 18ff), Powell ( 1992 , p. 552).

Cf. Judge and Stahl ( 1995 , p. 105).

Cf. Alexander ( 1985 , pp. 91ff), Allio ( 2005 , pp. 12ff).

Cf. Kim and Mauborgne ( 1995 , pp. 44ff), Singh ( 1998 , pp. 160ff).

Cf. Alexander ( 1985 , pp. 91ff), Hrebiniak ( 2006 , p. 13), Li et al. ( 2008 , pp. 11ff).

Allio ( 2005 , p. 13).

Cf. Bourgeois and Eisenhardt ( 1988 , p. 833).

Cf. Mufudza et al. ( 2013 , pp. 24ff).

Cf. Hunger and Wheelen ( 2009 , p. 2).

Cf. Hungenberg ( 2014 , pp. 10f), Palich and Gomez-Mejia ( 1999 , p. 598).

Cf. Bea and Haas ( 2017 , pp. 19ff), Hunger and Wheelen ( 2009 , pp. 10f), Palich and Gomez-Mejia ( 1999 , p. 598).

Cf. Miller and Cardinal ( 1994 , p. 1651).

Cf. Chandler ( 1962 , pp. 13f), Hungenberg ( 2014 , pp. 9f).

Cf. Schreyögg and Steinmann ( 1987 , p. 91).

Cf. Argyris ( 1977 , p. 114).

Cf. de Waal and de Boer ( 2017 , p. 150).

Armstrong ( 1982 , p. 198).

Cf. Armstrong ( 1982 , p. 200), Hunger and Wheelen ( 2009 , pp. 10f).

Cf. Barringer and Bluedorn ( 1999 , pp. 426f).

Hofstede ( 1980b , p. 49).

Cf. Bracker ( 1980 , p. 219), Hofstede ( 1983 , 75ff, 1993, p. 93), Holt ( 2011 , pp. 80f), Samiee and Athanassiou ( 1998 , p. 86).

Cf. Bird and Mendenhall ( 2016 , p. 116).

Between 2000 and 2015, the number of US companies in the Fortune Global 500 list declined from 179 to 128, while the number of Chinese firms grew from 10 to 98. Similarly in the year 2000, 17 of the top 20 business schools in the Financial Times Full-time MBA ranking were located in the USA, while this number declined to 10 business schools in 2015 (see Whittington ( 2017 , p.34)).

Cf. Whittington ( 2017 , p. 34).

Cf. Adegboye ( 2013 , p. 206), Harzing et al. ( 2009 , p. 418), Hoffman ( 2007 , p. 27), Parnell et al. ( 2000 , p. 520).

Cf. Ang and Massingham ( 2007 , p. 16).

Cf. Peng et al. ( 2008 , p. 921).

Cf. Ansoff ( 1987 , pp. 505ff), Holt ( 2011 , p. 83), Schneider and De Meyer ( 1991 , p. 308).

Cf. Elbanna and Child ( 2007 , pp. 569f, 577), Iaquinto and Fredrickson ( 1997 , pp. 66f).

Cf. Amason and Sapienza ( 1997 , p. 499), Haleblian and Finkelstein ( 1993 , pp. 845ff, 855ff), Iaquinto and Fredrickson ( 1997 , pp. 66f), Yoon et al. ( 2016 , pp. 762f, 772ff).

Cf. Ferrier ( 2001 , p. 862), Rao and Tilt ( 2016 , 333ff), Yoon et al. ( 2016 , pp. 764ff, 772).

Cf. Chen and Li ( 2005 , pp. 626f, 630ff), Hitt et al. ( 1997 , p. 160).

Cf. Ferrier ( 2001 , p. 862), Iaquinto and Fredrickson ( 1997 , pp. 66f), Tulung and Ramdani ( 2016 , p. 164).

Please refer to section “Factors Influencing Environmental Scanning”.

Cf. Schneider and De Meyer ( 1991 , p. 308).

Cf. Dean Jr and Sharfman ( 1993 , p. 589), Dutton ( 1993 , p. 339), Dutton and Ashford ( 1993 , p. 397), Rindova ( 1999 , p. 954).

Ali and Shaw ( 1988 , p. 125).

Cf. Huang ( 2009 , pp. 2ff).

Cf. Bartlett and Ghoshal ( 1991 , p. 9).

Cf. Meyer and Rowan ( 1977 , p. 346), Peng et al. ( 2008 , p. 923).

Ingram and Silverman ( 2002 , p. 20).

Cf. Gerhart ( 2008 , pp. 259f).

Cf. Hofstede ( 1980b , p. 62).

Cf. Li et al. ( 2001 , p. 117), Tutar et al. ( 2014 , p. 351).

Cf. Singh ( 2007 , p. 425).

Cf. Holmes et al. ( 2013 , pp. 535ff), March and Olsen ( 1983 , pp. 734ff).

Cf. Holmes et al. ( 2013 , p. 535), Jackson and Deeg ( 2008 , pp. 541, 555), Levy and Pablo ( 1993 , pp. 215ff), Richter et al. ( 2016 , p. 65).

Cf. Holmes et al. ( 2013 , pp. 535ff), Lozano and Rodríguez ( 2011 , pp. 206ff).

Cf. Barkema et al. ( 2015 , p. 462), Peng et al. ( 2008 , p. 921).

Cf. Peterson et al. ( 2002 , p. 252).

Cf. Peng ( 2002 , pp. 259ff), Peng et al. ( 2008 , pp. 921f), Peng et al. ( 2009 , pp. 69f).

Cf. Luo et al. ( 2011 , p. 195).

Cf. Zhu et al. ( 2012 , p. 1135).

Cf. Helpman ( 1993 , pp. 1247f), Soete ( 2007 , 274ff).

Cf. Hill ( 1995 , pp. 119ff).

Cf. Chavance ( 2008 , pp. 57ff), Powell ( 1991 , pp. 183ff).

Cf. Fan ( 1998 , p. 208).

Hofstede et al. ( 2010 , p. 24).

Cf. Holmes et al. ( 2013 , p. 533), North ( 1990 , p. 42), Peng et al. ( 2008 , p. 922), Richter et al. ( 2016 , p. 65), Scott ( 1995 , pp. 38ff).

Dwyer et al. ( 2005 , p. 19).

Cf. Beugelsdijk et al. ( 2017 , pp. 30f).

Cf. Flatten et al. ( 2015 , p. 521), House et al. ( 2002 , p. 3), Kirkman et al. ( 2017 , pp. 13f), Rohlfer and Zhang ( 2016 , p. 41), Tutar et al. ( 2014 , p. 345).

Hofstede ( 1980b , p. 43).

Cf. Matsumoto et al. ( 2008 , p. 926).

Richter et al. ( 2016 , p. 65).

Cf. Cooke and Rousseau ( 1988 , pp. 247ff).

Cf. Hofstede ( 1980a , 6f).

Cf. Schein ( 1996 , p. 9).

Cf. DiMaggio ( 1997 , pp. 267f), Holmes et al. ( 2013 , p. 534).

Cf. Fu et al. ( 2004 , pp. 288f), Tuomela ( 2003 , pp. 123ff).

Cf. Holmes et al. ( 2013 , p. 534).

Cf. Peng et al. ( 2008 , p. 922).

Cf. Peng and Heath ( 1996 , p. 505).

Cf. Elg et al. ( 2008 , pp. 674ff), Michailova and Worm ( 2003 , pp. 509ff).

Cf. Peng ( 2003 , p. 284).

Cf. Ayoun and Moreo ( 2008 , p. 65).

See Ansoff ( 1965 ), Mintzberg ( 1987b ), Porter ( 1980 ).

Cf. Hutzschenreuter and Kleindienst ( 2006 , p. 694).

Cf. Ayoun and Moreo ( 2008 , p. 67).

Cf. Calabretta et al. ( 2017 , pp. 366ff), Degravel ( 2015 , pp. 12ff), Eldar et al. ( 2016 , pp. 16ff).

Cf. Degravel ( 2015 , pp. 14f; 18f), Gilbert-Saad et al. ( 2018 , pp. 75ff).

See Hofstede ( 1980a ), House et al. ( 2002 ).

Cf. Gerhart ( 2008 , p. 260).

Cf. Kirkman et al. ( 2006 , p. 285).

Cf. Ayoun and Moreo ( 2008 , p. 66), Degravel ( 2015 , p. 15), Gannon et al. ( 2006 , p. 40), Geletkanycz ( 1997 , pp. 615ff), Lin et al. ( 2019 , p. 3115).

Hitt and Tyler ( 1991 , p. 332).

Cf. Pant and Lachman ( 1998 , p. 195).

Cf. Harzing ( 1997 , pp. 654ff), Hofstede ( 1993 , pp. 91ff), Holt ( 2011 , pp. 80f).

Cf. Leung et al. ( 2005 , p. 368).

Hofstede ( 1983 , p. 88).

Cf. Ayoun and Moreo ( 2008 , pp. 66f).

Cf. Maruyama ( 1985 , pp. 125ff).

Cf. Pisani et al. ( 2009 , p. 1135).

Cf. Degravel ( 2015 , pp. 13f, 20).

Cf. Ghoshal and Bartlett ( 1998 , pp. 110f).

Cf. Grinyer et al. ( 1986 , pp. 3ff), Miller and Cardinal ( 1994 , pp. 1651f).

Cf. Mauri and Michaels (pp. 214ff).

Cf. Armstrong ( 1982 , pp. 202f).

See Mauri and Michaels ( 1998 ), McGahan and Porter ( 1997 , 2003 ), Rumelt ( 1991 ).

Cf. Mauri and Michaels ( 1998 , pp. 213ff).

Cf. Yasai-Ardekani and Haug ( 1997 , 729ff).

Cf. Barney ( 1991 , pp. 105ff), Wernerfelt ( 1984 , pp. 172ff).

Cf. Godfrey and Hill ( 1995 , pp. 519ff).

Cf. Hart and Banbury ( 1994 , 256), Holt ( 2011 , 81f).

Cf. Holt ( 2011 , p. 81).

Cf. Fredrickson and Mitchell ( 1984 , pp. 401ff), Robinson Jr and Pearce ( 1983 , pp. 197ff).

Cf. Ali ( 2018 , p. 13).

Cf. Hutzschenreuter and Kleindienst ( 2006 , p. 693).

Hickson et al. ( 1974 , p. 64).

Cf. Wolf and Floyd ( 2017 , pp. 1760, 1763).

Cf. Ferrier ( 2001 , p. 872), Greckhamer et al. ( 2008 , p. 719), McCaskey ( 1974 , p. 288).

Cf. Eddleston et al. ( 2013 , p. 1187), Lester et al. ( 2003 , pp. 339ff), McCaskey ( 1974 , p. 287), Withane ( 1997 , pp. 689ff).

Cf. Anderson and Zeithaml ( 1984 , pp. 5ff).

Cf. Marginson ( 2002 , pp. 1019ff), Simons ( 1990 , p. 127).

Cf. Bloom and van Reenen ( 2007 , p. 1352).

Cf. Ferrier ( 2001 , p. 871), Fredrickson ( 1985 , p. 821), Lant et al. ( 1992 , pp. 585ff), Talaulicar et al. ( 2005 , p. 526).

Cf. Dutton ( 1993 , pp. 341ff).

Cf. Miller ( 1993 , pp. 116ff).

Cf. Papadakis et al. ( 1998 , 116ff).

Cf. Bloom and van Reenen (p. 1357).

Cf. Baum and Wally ( 2003 , pp. 1112f), Elenkov ( 1997 , pp. 294ff), Khatri and Ng ( 2000 , pp. 59ff).

Cf. Yasai-Ardekani and Haug ( 1997 , p. 732).

Cf. Bloom and van Reenen ( 2007 , pp. 1356f).

Cf. Mauri and Michaels ( 1998 , pp. 215ff), Rumelt ( 1991 , pp. 176ff).

Cf. Ghoshal and Bartlett ( 1990 , p. 604), Sageder and Feldbauer-Durstmüller ( 2019 , p. 876), Schuler et al. ( 1993 , p. 420), Vora et al. ( 2007 , p. 596).

Cf. Ghoshal and Bartlett ( 1998 , pp. 6ff), Harzing ( 2000 , pp. 102f), Lin and Hsieh ( 2010 , p. 53).

Cf. Ambos and Mueller-Stewens ( 2017 , p. 12), Gupta and Govindarajan ( 1991 , p. 768), Lin and Hsieh ( 2010 , p. 53), Sageder and Feldbauer-Durstmüller ( 2019 , p. 876).

Porter ( 1986 , p. 17).

Cf. Alfoldi et al. ( 2012 , p. 281), Birkinshaw et al. ( 1998 , p. 222), Hungenberg ( 2014 , pp. 15ff), Jarzabkowski and Kaplan ( 2015 , p. 544), Ketchen and Shook ( 1996 , p. 441), Kutschker and Schmid ( 2004 , pp. 483), Taggart ( 1996 , p. 542).

Cf. Ayoun and Moreo ( 2008 , p. 67), Bachmann et al. ( 2016 , p. 297), Hunger and Wheelen ( 2009 , pp. 7f), Wolf and Floyd ( 2017 , pp. 1765ff).

Cf. Goold et al. ( 1998 , pp. 308ff), Hungenberg ( 2014 , pp. 15f), Hunger and Wheelen ( 2009 , pp. 7f), Johnson et al. ( 2008 , pp. 303ff).

Cf. Hungenberg ( 2014 , pp. 15f), Hunger and Wheelen ( 2009 , pp. 7f).

Cf. Hunger and Wheelen ( 2009 , pp. 7f), Luo et al. ( 2011 , p. 190), Ondrack ( 1985 , pp. 1f).

Cf. Hungenberg ( 2014 , p. 17).

Cf. Jarzabkowski and Kaplan ( 2015 , p. 544).

Cf. Bartlett and Ghoshal ( 1991 , p. 9), Birkinshaw and Morrison ( 1995 , pp. 730f).

Cf. Kim and Mauborgne ( 1993 , p. 420), Palich and Gomez-Mejia ( 1999 , p. 597).

Cf. Gammelgaard et al. ( 2012 , p. 1158).

Cf. Gammelgaard et al. ( 2012 , pp. 1158ff), Kirkman et al. ( 2006 , pp. 306f), Michailova and Mustaffa ( 2012 , p. 383), Paterson and Brock ( 2002 , pp. 141f), Young and Tavares ( 2004 , pp. 218ff).

Cf. Ali and Shaw ( 1988 , p. 120), Rosenzweig and Singh ( 1991 , p. 342).

Spotify has established an agile organizational structure focusing on autonomy and alignment simultaneously (please refer to Kniberg and Ivarsson ( 2012 ) for further information).

Cf. Bartlett and Ghoshal ( 1987 , p. 14), Harzing ( 2000 , pp. 101f), Kutschker and Schmid ( 2004 , p. 299), Smite et al. ( 2019 , pp. 51f).

Cf. Kim and Mauborgne ( 1993 , p. 420), Palich and Gomez-Mejia ( 1999 , p. 597), Sageder and Feldbauer-Durstmüller ( 2019 , p. 884).

Cf. Narula ( 2014 , p. 4), Yeung et al. ( 2001 , p. 165).

Cf. Idenburg ( 1993 , p. 133).

Cf. Alfoldi et al. ( 2012 , p. 279), Ciabuschi et al. ( 2012 , p. 215), Herbert ( 1999 , p. 81f), Kim and Mauborgne ( 1993 , p. 420), Kutschker and Schmid ( 2004 , p. 292), Narula ( 2014 , p. 4), Veliyath and Shortell ( 1993 , pp. 366f).

Cf. Yeung et al. ( 2001 , p. 165).

Cf. Gupta and Govindarajan ( 1991 , p. 769).

Cf. Arenas and Ayuso ( 2016 , p. 220).

Cf. Herbert ( 1999 , p. 81), Kim and Mauborgne ( 1993 , p. 424), Meyer and Rowan ( 1977 , p. 344), Rabbiosi ( 2011 , p. 97), Smelser and Baltes ( 2001 , p. 10197).

Cf. Kutschker and Schmid ( 2004 , p. 292), Narula ( 2014 , p. 4), Yeung et al. ( 2001 , p. 165).

Cf. Hout et al. ( 1982 , p. 98).

Cf. Bartlett and Ghoshal ( 1987 , p. 7), Ghoshal and Bartlett ( 1998 , pp. 16ff; 79f), Harzing ( 2000 , p. 107f), Svensson ( 2001 , p. 9).

Cf. Trefry ( 2006 , pp. 563ff), Tutar et al. ( 2014 , p. 345).

Cf. Young and Tavares ( 2004 , p. 218).

Cf. Taggart and Hood ( 1999 , p. 228).

Cf. Herbert ( 1999 , pp. 81f).

Cf. Chow et al. ( 1999 , pp. 561f), Dimitratos et al. ( 2009 , p. 412).

Cf. Birkinshaw et al. ( 2000 , pp. 323).

As introduced in Sect. 2.2.2 .

Cf. Alfoldi et al. ( 2012 , p. 282), Chang and Taylor ( 1999 , pp. 544, 557), Liu et al. ( 2014 , p. 221), Nobel and Birkinshaw ( 1998 , p. 483).

Cf. Kim and Mauborgne ( 1993 , p. 424).

Cf. Ghoshal and Bartlett ( 1998 , p. 16), Kim and Mauborgne ( 1993 , p. 424), Lin and Hsieh ( 2010 , p. 53), Narula ( 2014 , p. 10).

Scott et al. ( 2010 , pp. 328ff), Wolf and Egelhoff ( 2010 , p. 144).

Cf. Birkinshaw and Morrison ( 1995 , pp. 737f), Hedlund ( 1986 , pp. 9ff).

Cf. Gammelgaard et al. ( 2012 , p. 1160), Gupta and Govindarajan ( 1991 , p. 770).

Cf. Hedlund ( 1986 , pp. 24f).

Cf. Persson ( 2006 , p. 548), Rabbiosi ( 2011 , p. 97), Scott et al. ( 2010 , pp. 329f), Taggart ( 1996 , p. 533).

Cf. Fang et al. ( 2013 , p. 30).

Cf. Hedlund ( 1986 , pp. 21;24).

Cf. Hedlund ( 1986 , p. 21), Macharzina ( 2009 , p. 47).

Cf. Yeniyurt ( 2003 , pp. 137f).

Cf. Birkinshaw et al. ( 2000 , p. 321).

Cf. Andersson and Pahlberg ( 1997 , p. 320).

Cf. Ghoshal and Nohria ( 1989 , pp. 324f).

Cf. Gammelgaard et al. ( 2012 , pp. 1160f), Schmid et al. ( 2014 , p. 215), Taggart ( 1999 , pp. 237f), Taggart and Hood ( 1999 , pp. 227f).

Cf. Gammelgaard et al. ( 2012 , pp. 1159ff), Madhok ( 2015 , p. 628), Rabbiosi ( 2011 , p. 97), Scott et al. ( 2010 , pp. 329ff), Taggart and Hood ( 1999 , p. 228), Williams and van Triest ( 2009 , p. 157).

Cf. Williams and van Triest ( 2009 , p. 158).

Cf. Kim and Mauborgne ( 1993 , p. 424), Taggart ( 1996 , p. 542), Young and Tavares ( 2004 , pp. 218ff).

Cf. Taggart ( 1999 , p. 247).

Cf. Taggart and Hood ( 1999 , p. 227).

Cf. Paterson and Brock ( 2002 , pp. 141f), Taggart and Hood ( 1999 , p. 227), Wolf and Floyd ( 2017 , p. 1768).

Cf. Williams and van Triest ( 2009 , p. 156).

Cf. Kawai and Strange ( 2014 , pp. 510ff).

Cf. Narula ( 2014 , p. 10).

Cf. Ghoshal and Bartlett ( 1998 , p. 287).

Cf. Feurer and Chaharbaghi ( 1995 , p. 19), Hodgkinson et al. ( 2006 , pp. 480f).

Cf. Palich and Gomez-Mejia ( 1999 , p. 598).

Cf. Scott et al. ( 2010 , pp. 329f).

Cf. Feurer and Chaharbaghi ( 1995 , p. 18).

Cf. Andersson and Pahlberg ( 1997 , p. 319), Birkinshaw et al. ( 1998 , p. 222), Ciabuschi et al. ( 2012 , p. 217), Paterson and Brock ( 2002 , p. 141).

Cf. Bartlett and Ghoshal ( 1986 , pp. 90ff), Kutschker and Schmid ( 2004 , p. 338).

Cf. Andersson and Pahlberg ( 1997 , p. 320), Ayoun and Moreo ( 2008 , p. 67), Ciabuschi et al. ( 2012 , p. 215), Hodgkinson et al. ( 2006 , p. 480), Veliyath and Shortell ( 1993 , p. 365).

Cf. Wolf and Floyd ( 2017 , p. 1768).

Cf. Armstrong ( 1982 , p. 201).

A mental model can be defined as an individual’s cognitive structure to interpret situations. The structure is consisting of different elements and relations (see Zahn and Foschiani ( 2006 , p. 85)).

Cf. Meyer and Rowan ( 1977 , p. 341), Whittington ( 2017 , p. 34), Zahn and Foschiani ( 2006 , pp. 84f).

Cf. Hedlund ( 1986 , p. 21), Scott et al. ( 2010 , pp. 329f).

Cf. Kutschker and Schmid ( 2004 , pp. 670ff; 780f), Viegas-Pires ( 2013 , p. 363).

Donthu and Yoo ( 1998 , p. 183).

Cf. Ambos and Mueller-Stewens ( 2017 , p. 14), Herbert ( 1999 , p. 82).

Cf. Peng ( 2002 , p. 256).

Cf. Barkema et al. ( 2015 , p. 462), Brouthers et al. ( 2000 , p. 864).

Cf. Chong and Park ( 2003 , p. 33).

Cf. Herbert ( 1999 , pp. 82ff), Paterson and Brock ( 2002 , pp. 155ff).

Cf. Chow et al. ( 1999 , p. 579).

Cf. Ambos and Mueller-Stewens ( 2017 , p. 14), Herbert ( 1999 , pp. 85ff), Whittington ( 2017 , p. 34).

Cf. Oesterle and Weikum ( 2019 , pp. 13f).

Cf. Meyer and Rowan ( 1977 , p. 355).

Cf. Brock et al. ( 2008 , pp. 1294f).

Cf. Ambos and Mueller-Stewens ( 2017 , p. 13), Herbert ( 1999 , p. 81), Whittington ( 2017 , p. 33).

Ahlvik and Björkman ( 2015 , p. 498).

Cf. Brock and Barry ( 2003 , p. 546).

Hedlund ( 1986 , p. 26).

Cf. Feurer and Chaharbaghi ( 1995 , p. 19), Hedlund ( 1986 , p. 29), Zahn and Foschiani ( 2001 , p. 417).

Cf. Williams and Lee ( 2011 , p. 261).

de Geus ( 1988 , p. 71).

Cf. Ali and Shaw ( 1988 , pp. 116ff), Gammelgaard et al. ( 2012 , p. 1161), Madhok ( 2015 , p. 628), Scott et al. ( 2010 , p. 329f), Taggart ( 1999 , p. 233ff), Wolf and Floyd ( 2017 , pp. 1768f).

Cf. Cattani et al. ( 2011 , pp. XVIff), Grabher ( 2004 , p. 1491), Turner and Müller ( 2003 , pp. 2ff).

Please refer to Sect. 2.4.1 .

Cf. Veliyath and Shortell ( 1993 , pp. 365f).

Williams and Lee ( 2011 , p. 255).

Cf. Bartlett and Ghoshal ( 1987 , p. 7), Kutschker and Schmid ( 2004 , p. 292).

Cf. Persson ( 2006 , p. 547), Rabbiosi and Santangelo ( 2013 , p. 160).

Fang et al. ( 2013 , p. 31).

Cf. Williams and Lee ( 2011 , p. 259).

Cf. Cohen and Levinthal ( 1990 , p. 128), Fang et al. ( 2013 , p. 30).

Cf. Williams and Lee ( 2011 , p. 260).

Cf. Narula ( 2014 , p. 11), Rabbiosi and Santangelo ( 2013 , p. 163).

Cf. Chandler ( 1962 , p. 383), Mauri and Michaels ( 1998 , pp. 211f).

Cf. Kim and Mauborgne ( 1993 , pp. 443f).

Cf. Lin and Hsieh ( 2010 , pp. 54f).

Cf. Kim and Mauborgne ( 1993 , p. 422).

Cf. Rahim et al. ( 2000 , pp. 13f).

Kim and Mauborgne ( 1993 , p. 422).

Cf. Cropanzano and Mitchell ( 2005 , p. 874).

Cf. Cropanzano and Mitchell ( 2005 , pp. 875ff), Kim and Mauborgne ( 1993 , p. 423).

Cf. Kim and Mauborgne ( 1993 , pp. 424f).

Cf. Egelhoff ( 1991 , pp. 345ff).

Cf. Alfoldi et al. ( 2012 , p. 281).

Cf. Kim and Mauborgne ( 1993 , pp. 422f).

Cf. Lin and Hsieh ( 2010 , pp. 52, 54), Mirchandani and Lederer ( 2014 , p. 30).

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Liu et al. ( 2014 , p. 219).

Cf. Chang and Taylor ( 1999 , p. 542), Liu et al. ( 2014 , p. 219).

See, for example, Martinez and Jarillo ( 1989 ).

Cf. Martinez and Jarillo ( 1989 , p. 491).

Cf. Alfoldi et al. ( 2012 , p. 282), Arenas and Ayuso ( 2016 , p. 220), Boyacigiller ( 1990 , p. 359), Chang and Taylor ( 1999 , pp. 544ff, 557), Liu et al. ( 2014 , p. 221), Martinez and Jarillo ( 1989 , pp. 491f, 1991 , pp. 431f), Nobel and Birkinshaw ( 1998 , pp. 483f), Rabbiosi ( 2011 , p. 98), Wolf et al. ( 2014 , pp. 101ff).

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Cf. Birkinshaw and Morrison ( 1995 , p. 738), Michailova and Mustaffa ( 2012 , p. 383), Scott et al. ( 2010 , p. 331).

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Cf. Persson ( 2006 , pp. 561f), Rabbiosi ( 2011 , p. 108).

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Schühly, A.M. (2022). What Is Strategic Management and Why Do We Need It: Theoretical Foundations of Strategic Management. In: Cultural Influences on the Process of Strategic Management. MIR Series in International Business. Springer, Cham. https://doi.org/10.1007/978-3-030-86660-0_2

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9.1 Strategic Management

What is the strategic management process?

In the previous chapter we focused on analyzing and understanding a firm’s competitive environment. In this chapter, we see how the information strategic analysis provides gets put to work. The strategic management process is the set of activities that firm managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace. Strategic management is made up of several distinct activities, shown in Exhibit 9.3 . This chapter will detail the role each activity plays in developing and sustaining a successful competitive position.

While Exhibit 9.3 presents strategic management as an orderly process. However, most top managers deal with all of the steps simultaneously; they engage in environmental scanning to update their analytical view of the firm, they are executing strategies formulated in the past, they are formulating strategies to execute in the future, and so on. While it is useful to discuss the strategic management process in a stepwise fashion, it’s important to point out that the cycle occurs such that everything is being done at once.

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What activities make up the strategic management process?

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5.4 Conclusion

In the analysis stage of the strategic management process, the final phase is to apply the SWOT framework to consolidate a “snapshot” of the internal and external analysis conducted and identify the key strategic issue(s). The SWOT pulls together the important information from the external and internal analysis and the organizational performance assessment and displays it in an organized framework. The strengths and weaknesses are internal to the organization, and the opportunities and threats are external to the firm.

The information and data from the assessments and SWOT are then used to formulate the strategic issue(s). What needs to be addressed and resolved to move the organization forward toward success and its vision? Strategies are then developed that address the resolution of the strategic issue and advance the organization, as discussed in the next chapter.

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Introduction

The components of strategic management process are the key building blocks of every strategy which enable the organization to achieve the desired goals and objectives. it is in the realization of this fact that this paper highlights these components which are vital in strategic management.

Components of strategic management

The following elements are the major components of every strategic management process; setting of strategic vision, formulating objectives, establishing strategies to match the designed objectives, implementation and execution of the strategy and finally assessment of performance.

Setting of strategic vision is the first component of strategic management which involves searching for information that is vital for the creation of the company’s vision. The designed vision enables the organization to achieve long term mission statement. At this stage, the management of the organization has the duty of deciding the anticipated future of the business. The vision of the company cultivates its identity in the market or industry and hence achieves the purpose of existence (Evens and Wurster 2009).

Formulation of objectives involves reducing dividing the vision statement into small manageable specific objectives of the business. The objectives specify what has to be achieved within a specified time period and outline the activities and the distance involved. During formulation of a company’s objectives, the SMART principle should be used as the proper guideline that enables the company design good objectives.

Establishing strategies to match the designed objectives is the next step which entails stating the expected direction while at the same time ensuring that strategies highlight what should be pursued to realize the stated objectives. This step is aimed at making the objectives more realistic and achievable as stated in the SMART principle (Moore, 2010).

Implementation and execution, this stage involves changing the strategies into actual activities and processes of the business. At this stage, the management has the main task of ensuring that activities of the organization meet the set objectives. The stage also requires all organizational members to stick to the core values of the company regardless of the changes that may occur during implementation (Evens and Wurster 2009).

Assessment of performance is the last component of strategic management process which involves assumption of the continual transition in the organization. This stage calls for the management of the organization to develop proper techniques which can be used in analyzing and monitoring the performance of the organization (Evens and Wurster 2009).

The next section of this paper describes strategic management process used by Unilever. As international organization, Unilever has strategic management process which entail scanning of the environment for business information. This is followed by formulation of strategies to accomplish the company’s goals. The next stage taken by the company is implementation of strategy whereby the identified strategy is put into action by incorporating it into the business activities and processes. The last stage taken by the organization is evaluation of strategy whereby the organization performs internal and external assessment of the strategy (Rushton, 2011).

Evens, P. & Wurster, T. (2009). “Strategy and the New Economics of Information”, Harvard Business Review.

Moore, H. (2010), Creating Public Value: Strategic Management in Government, Cambridge: Harvard University Press,

Rushton, K. (2011). “Unilever to shake up £5.1bn global advertising spend”. London: The Telegraph.

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Strategy and Strategic Management Essay

Introduction, essential components of strategy, towards a unified view of strategy, the strategy process, application of strategy-strategic fit and strategic foresight, strategic fit, strategic focus/foresight, reference list.

The Twelve Olympians by Monsiau, circa late 18th century

There is no unanimity among scholars and practitioners on the meaning of strategy. Texts on the subject discuss strategy from different and sometimes contradictory perspectives. The only issue, over which there is little debate, is the origin of the term strategy. “In its original sense, strategy (from the Greek word, Strategos) is a military term used to describe the art of the general (Harvard Business School, 2005, p. xi).

This art is about plans for troop deployment in battles to win wars. Many writers acknowledge that the concept of strategy has military origins, with Sun Tzu’s “Art of War” being one the oldest treatise on strategy. Businesspersons seem to enjoy using military analogies to conceptualize the running of businesses in the modern world.

Indeed, the pressure of keeping a business afloat amidst a very volatile operating environment that the world has become can feel like war. It is the goal of this paper to seek to uncover the essential components of strategy and the process of formulating a coherent organizational strategy in the context of the built environment.

Amid the differences that exist as to what strategy is, it seems more beneficial to embrace a wide-angled view of since each of the viewpoints has merit and contributes to the overall understanding of the concept.

It is the approach that Mark, (2004, p. 11) advocates for in the context of business when he states, “One of the greatest benefits of a comprehensive approach to strategy is the surfacing and exploitation of multiple sources of attractive growth”. However, this growth should give due considerations the internal resources availability for now and for the future.

The first essential component of strategy is action. The Harvard Business School (2005) states, “Strategy is about doing the right things” (p. xi). Actions reveal an organizations strategy. A deliberate strategy informs its actions. However, actions not based on a defined strategy still qualify for consideration as part of organizational strategy. Secondly, strategy refers to a plan.

Henderson (1991) states, “Strategy is a deliberate search for a plan of action that will develop a business’s competitive advantage and compound it” (p. 5). This plan informs the actions undertaken when the strategy is deliberate. Henderson (1991) assumes that all strategy must be formally planned. In the context of strategy, it is not the formalization of a plan but the deliberate choices a business puts in place that counts.

Another view forwarded by the Harvard Business School (2005) about strategy is that it is a resource control and utilization plan meant to protect the central interests of an organization. These resources include finances, physical infrastructure, and human resource. This view accomodates the lack of a deliberate centralized conventional business strategy made through a formal process.

It simply refers to the arrangement of those resources in a sensible manner towards certain ends. Competitive advantage is the motive behind strategy. Robert (2005) succinctly states, “Strategy is about winning” (p. 4).

This view is supported by Porter (1991) who states, “the essense of strategy formulation is coping with competition” (p. 11). The idea expressed reveals the intentional use of a plan to out-perform business rivals using unique traits of the organization in order to survive, and hopefully thrive. In this case, strategy answers the need to be the best among competitors.

The fifth essential component of strategy revealed by Robert (2005) is organizational identity. He states, “At the most basic level, strategy making extends beyond questions of resource deployment and market positioning to address fundamental questions such as: what is our business? What are we trying to achieve?

What is our identity as an organization?” (Robert, 2005, p. xi). This approach requires the organization to understand itself first before venturing out into the market with a clear direction. Wall (2004) agrees with this approach showing that strategy provides an organization with a “coherent sense of direction”, which is yet another essential component of strategy (p. 4).

This coherence makes it possible for all members of the organization to act in a coordinated fashion, which is essential for the success of a business. This holds true for small firms as well as large corporations. The final essential component of strategy is context. Successful strategy is very contextual.

“As soon as we move beyond general notions to more precise definition, then these depend upon the type of arena within which strategy is being deployed” (Robert, 2005, p. 7). This element accounts for the disparities in the views on strategy since some of the viewpoints are highly contextalized.

Increasingly, in this era of multinationals and globalization, context is more difficult to delineate especially geographically, yet to ignore context when developing strategy is to court disaster.

Based on the viewpoints above, Mark (2004) seems to have developed the most comprehensive definition of strategy. He states, “Strategy is about raising and allocating resources, setting priorities, directing organizations, and demonstrating through decisive behaviour what will be done – and what will not – in the pursuit of a larger vision, goal, mission, or high level set of objectives” (Mark, 2004. p. xv).

His definition is broad enough to capture most of the essential elements of strategy thereby avoiding the problem of high contextualization. It is also wide enough to cover the specifics of strategy that are valid in the strategic management of all organizations. This makes it useful in understanding the concept of strategy. Its other strength is that it leaves room for looking at strategy as either deliberate or consequential.

The elements defined here do not require a centralized approach to strategy development but even if it is there, it does not disqualify it. Its major weakness is its lack of enviromental cognisance. It does not account for environmental factors that greatly influence the preparation and execution of strategy.

This goes to demonstrate that the process of developing a unfied view of strategy is a work in progress, and still requires effort to sysnthesize the essential elements into a comprehensive definition of strategy. This preferred view must include the nine essential componenents identified above and in addition it must allow for both the deliberate and consequential nature of strategy.

A definition that meets the above criteria will still be somewhat incomplete since there is still the problem of universality versus contextualization. The following is an attempt to redefine strategy to meet this criteria presenting a wider understanding of the concept.

Strategy is a set of actions, planned or otherwise that influence resource acquisition and allocation, deployed for the express purpose of attaining competitive advantage based on a clear organizational identity expressed in terms of its place, power, problems and potential, which informs its direction and actions within its environmental context.

This definition captures all the essential elements identified but its rather cumbersome. It is long and may not appeal to the wider audience who actually need a concise definition to capture the essence of strategy. Probably, the sensible thing to do is to settle for a simplified global definition, while providing working definitions for each field, as writers have already done.

As expected, there is no universality in the recommendation of an ideal process for strategy development. There are different views on it. “Henry Mintzberg and his colleagues at McGill Unversity distinguish intended, realized and emergent strategies”. (Robert, 2005, p. 14). Intended strategy is the one the organization deliberately plans and positions itself to implement.

Emergent strategy is the one which developes unwittingly as an organization responds to evolving issues. When these two strategies interact, the result is the realized strategy which is the strategy the organization finds itself implementing. These three strategies are the result of three concurrent processes and they demonstrate the organic nature of strategy.

Strategy therefore is not a static process but a dynamic one that evolves and requires regular refitting. There is much concurrence though when looking at strategy as a process. In fact, there is a deliberate encouragement that organizations should take an active role in the developement of their strategy, other than waiting for one to emerge as they undertake their daily business.

The Harvard Business School (2005) states, “strategy creation and its implementation should be approached as a process” (p. xvi). The school proposes a five level process for strategy development that is useful in understanding the strategy process.

The steps in the process are developement of a mission, followed by identification of organizational goals. Thirdly, there is the actual strategy development succeeded by the strategy implementation process. The final level is performance measurement.

The first level of strategy development is mission. “Strategy creation follows from the mission of the company, which defines its purpose and what it aims to do for customers and other stakeholders” (Harvard Business School, 2005, p. xvi). Mark (2004) underscores the importance of mission when he says that the identification and action upon a particular set of issues determines the success of a business.

When the organization is clear about its priorities, then it can sucessfully engage in determining what is essential to its operations for success. The mission sets the rules governing its key relationships and functions. The next level is the identification of goals.

“Strategy creation typically begins with extensive research and analysis and a process through which senior management zeros in on the top priority issues that the company needs to tackle to be sucessful inn the long term” (Harvard Business School, 2005, p. xvii). There is a difference in opinion as to the direction of flow of the process, and whether it is the top management that is best placed to set organizational goals.

They have the tools and the authority but they lack in understanding of frontline issues that are key in implementation. Frontline staff on the other hand have clear views on what is not working for them but they lack the organizational overview. Probably, a middle line where the management gets input from the frontline is the best way around this challenge.

Once the goals are set, strategy creation takes place. It involves determining the internal and external forces followed by the identification of the choices that the organization has to achieve its objectives. Many tools are used to examine the organization’s capacity to settle on a particular organizational strategy after an environmantal scan.

While The Havard Busienss School advocates for SWOT as a method of conducting an enviromental scan, Robert (2005) feels that this approach is difficult to implement in practice and he advocates for a two way analysis of the environment, looking at internal and external factors. He contends that its not the four way classification but the “rigor and depth” in the analysis of these factors that counts (Robert, 2005).

Another popular tool worth mentioning used to conduct an evironmental scan is the Porter’s Five Forces Analysis. This tool is useful when the organization’s bottom line is the impetus driving the organization’s effort in undertaking a stategic planning process. There is lesser contention on who developes organizational strategy.

Many writers agree that “the job of creating an organization’s strategy over time falls to senior managers” (Walker, 2004. p4). The forth step in the strategy process is implementation. “A strategy that is formulated without regard to its implemetation is likely to be fatally flawed.” (Robert, 2005, 14).

In pushing the case for more frontline involvement, Daughtry and Casselman (2009) state, “Vision and strategy, critical though they are, are virtually useless without consistent execution right down to the frontlines” (p. 1 ). This requires good communication along the ranks of the organization.

They add that “Strategy has to be translated into the language and actions appropriate to each level in the organization” (Daughtry & Casselman, 2009, P.5). The final level in the strategy process is performance measurement. This lacks in organizations that do not have deliberate strategy. They do not know what to measure since they have not categorically stated what their goals are.

This five-step process is more useful as a conceptual model than as an actual implementation process. Wall (2004) warns that things do not work out this neatly in the real world where forces shift suddenly and without warning. Perhaps it is best to look at strategy development as “an iterative process that begins with a recognition of where you are and what you have now” (Henderson, 1991, p. 6).

New information and circumstances feed into the old circumstances forcing us to change and adapt our methods. The role of strategic management is to ensure that the changes in the environment do not adversely affect the organization’s long term view, but that the organization prepares in advance to take advantage of these changes.

Just like other organizations, construction companies exists within a certain environment defined broadly by the natural environment, demographic structures, social structures, legislative processes, technology, and economy. This environment has an immediate impact on their interest’s interests and influences everyday decisions.

In addition, they have their own unique internal environments defined by organizational culture, resources outlay such as level capitalisation and expertise, and business processes defining how they find and execute construction contracts. The internal environment influences the realization of their aspirations and the momentum they sustain towards their realization.

Certain other forces much larger in dimension constitute the business climate of companies in the built environment. These include the macroeconomic trends, political issues, and global trends. Montgomery and Porter (1991) observe, “Increasingly, both business units and corporations must compete globally” (p. xv). Dalic (2007) calls it “the convergence of cultures” (p. 4).

The climate has long-term impacts on the industry though it may be a while before a particular company begins to feel the impact of climatic changes. They are a very strong motivation behind the strategy process. Before a construction company develops its strategy, it is beneficial and maybe crucial for it to determine what its environment looks like.

This allows it to forecast the impact of its present actions thereby providing it with the range of presently available options and the limits within which it can operate profitably. The application of strategy and the strategy process allows an organization to determine two important contexts in strategic planning and strategic management. These are strategic fit and strategic foresight.

Strategic fit looks at the present. It refers to the process where an organization examines its current position to ascertain whether it is sitting squarely on its best possible footing or whether there is a mismatch, based on its objectives. In the built environment, a company looks at whether its level of staffing and financing corresponds to the available opportunities.

The resulting plan from the process is a strategic plan to give the organization a better placement within its business context. Robert (2005) recognizes the need for strategic fit when he states, “For a strategy to be successful, it must be consistent with the firm’s external environment and with the characteristics of the firm’s internal environment- its goals and values, resources and capabilities, and structure and systems” (p. 14).

Construction projects normally take very long from ideation to completion, and it is normal for very drastic changes in the business enviroment to occur within the life of the project. By seeking to attain strategic fit, a construction company ensures it takes advantage of the present opportunities which may dissapear because of environmental change.

Strategic fit is the result of implementing measures concluded upon after conducting an environmental scan during the strategy process. Strategy and the strategy process may provide organizations in the built environment with the ability to determine their strategic fit to ensure that they are currently using their resources to the best effect.

However, due to the dynamic environment in the present business context, for a small outfit such as small to medium enterprise construction industy, the strategy process considerations may pose challenges to them in utilizing their resources to the best outcome as it is somewhat restrictive in terms of time, cost and resource availability.

On the other hand, strategic foresight, also known as strategic focus, refers to the preferred position of an organization usually at some point in the future. By looking at the medium and long-term opportunities, a construction company may find certain desirable positions they would prefer to occupy at that future date.

Strategic foresight considers all the forces acting on the business environment within which the organization operates and seeks to determine their impact on the long-term objectives of the organization. This prepares it to take advantage of arising opportunities and prepares it to handle future challenges. “One of the biggest challenges facing executive teams is lack of strategic focus” (Daughtry & Casselman, 2009, p. 7).

Its long-term nature makes it easy to ignore especially for small construction companies with severe resource constraints. The pressure of the present seems to make strategic foresight an unnecessary burden on already overworked executives.

By drawing on strategy and the strategy process, a construction company creates strategic focus on its executives, thereby preparing them to handle the challenges the company will face in the future. It assures the long-term survival of the company. It is tempting to look at the strategy process in terms of strategic foresight without considering the implications of strategic fit on the desired future.

Organizations in the built environment need to know that strategic foresight without strategic fit results in “a plan for the future without a plan for the present” (Wall, 2004, p. 13). On the other hand, strategic fit without strategic focus gurantees the present at the expense of the future.

Hence, the outcome should be a balanced strategy where there should be a constant review of the corporate strategy and its implication on present and future resources, and the competitive advantage in the market place.

Bacharach, S.B. (1989) Organizational Theories: Dome Criteria for Evaluation. The Academy of Management Review, 14(4), 496-515

Bourgeois III, L.T. (1984) Strategic Management and Determinism. The Academy of Management Review, 9(4), 586-596

Dalic, T. (2007) Globalization of Marketing Strategies in Light of Segmentation and Cultural Diversity. Norderstedt: GRIN Verlag.

Daughtry, T.C. and Casselman, G.L., (2009) Executing Strategy: From Boardroom to Frontline. Herndon, VI: Capital Books.

Harvard Business School (2005) Strategy: Create and Implement the Best Strategy for Your Business. Boston, MA: Harvard Business Press.

Henderson, B.D.(1991) Developing Strategy in C.A. Montgomery & M.E. Porter, eds. Strategy: Seeking and Securing Competitive Advantage. Boston, MA: Harvard Business School Publishing Division.

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Mark, D. (2004) Strategy: A Step by Step Approach to the Developement and Presentation of World Class Business Strategy. New York, NY: Palgrave Macmillan.

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Robert, M.G. (2005) Contemporary Strategy Analysis. Malden, MA: Wiley-Blackwell.

Smircich, L. and Stubbart C. (1985), Strategic Management in an Enacted World, The academy of Management Review, 10(4), 724-736.

Teece, D.J., Pisano, G. and Shuen, A. (1997) Dynamic Capabilities and Strategic Management, Strategic Management Journal, 18(7), 509-533.

Toffek, M.W. (2004) Strategic Management of Product Recovery, California Management Review, 46(2), 1-22

Venkatram, N. and Cumillus, J.C. (1984) Exploring the Concept of “Fit” in Strategic Management, The Academy of Management Review, 9(3), 513-525

Walker, G. (2004) Modern Competitive Strategy. New York, NY: McGraw-Hill/Irwin.

Wall, S.J. (2004) On the Fly: Executing Strategy in a Changing World. Hoboken, NJ: John Wiley and Sons. D31BM – Business Management for Built Environment

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Essay on Strategic Management: Top 7 Essays

Here is a compilation of essays on ‘Strategic Management’ for class 9, 10, 11 and 12. Find paragraphs, long and short essays on ‘Strategic Management’ especially written for school and college students.

Essay on Strategic Management

Essay Contents:

Essay on CEO’s Functions in Strategic Management

Essay # 1. Definition of Strategic Management:

The term ‘strategic management’ has been defined differently by different scholars of management.

ADVERTISEMENTS:

Some of them are:

1. Strategic management is “ a set of decisions and actions resulting in formulation and implementation of strategies designed to achieve the objectives of an organisation” (Pearce and Richard Robinson).

2. Strategic management is “the manner by which organisations plan to deal with various aspects of management like problem perception, divergent thinking, substantial resources, decision making, innovations and risk-taking” (Cunningham).

3. Strategic management is “the means by which management establishes purpose and pursues the purpose through co-alignment of organisational resources with environment, opportunities, and constraints.” (Bourgeois).

4. Strategic management can be defined as “the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organisation to achieve its objectives” (Glueck).

(a) Strategic management is an on-going process of analysis, planning and action. It attempts to keep an organisation aligned with its environment while capitalising on organisational strengths and environmental opportunities and minimising or avoiding organisational weaknesses and external threats, and

(b) Strategic management is also a future-oriented provocative management system. The managers, who use strategic management skills, are seeking a competitive advantage for their organisations and long-term organisational effectiveness.

It is, therefore, a complex function covering all activities connected with formulating, implementing, recycling and reformulating strategies.

In short, an effective strategic management translates a sound strategy into action. As otherwise, even a sound strategy would be rendered ineffective if it cannot be converted into action.

Hence, it is the duty of the strategic managers to do environmental scanning, assess internal strengths and weaknesses, set goals, mobilise resources, design action plans, implement actions, monitor progress, and control resources and deviations from goals for the achievement of goals and key results areas.

Essay # 2. Process of Strategic Management:

The strategic management process is most often described as a rational and analytical one.

The process consists of the following activities in different phases:

(i) Environmental Scanning:

Threats and opportunities analysis.

This involves analysing each threat and opportunity according to its time frame (i.e., short term or long term). Significance and likelihood of occurrence can help focus on the’ most important threats and opportunities.

In identifying them in the organisation’s environment, three questions need to be kept in mind:

(i) Which threats are critical and how can they be avoided in order to derive opportunities?

(ii) Which opportunities are critical and must be exploited?

(iii) Which threats and opportunities are short-terms and which are long-term?

(ii) Organisational Analysis:

Mission, Strengths and Weaknesses analysis.

An organisational analysis begins with an analysis of how the organisation is performing and why. A broad statement about purpose, philosophy, and goals would guide executive actions, by the processes of evaluation.

(iii) Strategic Goals Setting:

Understandable, measurable, achievable and challenging long-term goals.

It is necessary to set annual objectives in line with long-term objectives as well as specifying functional strategies consistent with the company’s grand strategy Such goals should be measured in terms of quality, cost, and time-frame.

A chart below classifies and explains the ‘Goals’:

Given the mission and objectives and having done the SWOT analysis, the strategic manager should proceed to generate possible ‘strategy alternatives’. There may be different ‘strategic options’ for accomplishing a particular goal. It is necessary to consider all possible alternatives to make the base for a choice.

The purpose of considering different ‘strategic options’ is to adopt the most appropriate strategy as ‘goal’. This necessitates the evaluation of the ‘strategy alternatives’ with reference to the criteria like suitability, feasibility and acceptability.

(iv) Strategic Actions Formulations:

An action plan to achieve the goals.

Strategic actions flow from the goals of the organisation. A strategy sets forth a general programme of action and an implied development of employees and resources to obtain goals.

This strategic action can be taken from three approaches:

(a) Functional approach,

(b) Product approach, and

Here, ‘business units grouping’ approach works well in diversified enterprises. All these approaches involve choosing target markets, and product and product development plans, capital expenditure plans, and marketing plans. For all major actions, the aspects of timing and sequencing should be considered.

(v) Strategy Implementation:

Spelling out effective policies or operating procedures to initiate actions for implementing strategy.

This involves translating the strategies into organisational actions. This requires ‘strategic leadership’ i.e., identifying policies, rules, and key results areas; allocating responsibilities; and making operational plans and day-to-day decisions.

Strategy implementation is, thus, the action phase of the strategic management process. This step, therefore, encompasses the operational details to translate the strategy into effective practice.

A simple chart below sums up the implementation phase:

(vi) Strategy Evaluation and Control:

Monitoring progress of strategic actions and controlling the resources.

This includes both monitoring progress and control resources—human/physical/ financial—by analysing the deviations from standards and goals and providing the feedback for modifications.

It is important to note that traditional control parameters are not adequate here as they delay the results and thereby become a useless exercise to face the environmental risks and uncertainties. In contrast to ‘past-action control’, strategic control is forward looking and attempts to steer the company on a long-term basis.

Essay # 3. Stages of Strategic Planning Process:

Stage 1. Defining the mission.

Stage 2. Assessing organisational Resources.

Stage 3. Evaluating Environmental risks and opportunities.

Stage 4. Establishing long-term Objectives.

Stage 5. Formulating strategy.

Stage 6. Establishing Annual Objectives.

Stage 7. Establishing Operational Plans.

Stage 8. Implementing the Plans.

Stage 9. Implementing, Monitoring and Adapting.

These stages seldom occur in a fixed sequence, and some may take place simultaneously, but given the flexibility needed for a bit of cycling— revising, seeking authorisations and coordinating—some rationale exists for considering the stages in the order presented (Williams, Du Brin & Sisk, 1985).

Strategies are designed by top management of an enterprise. They come to be as a result of the strategic planning process.

Essay # 4. Characteristics of Strategic Management Process:

The basic characteristics of the strategic planning process may be as follows:

1. It is the place where decisions of highest importance to a company are made. Here is where the basic thrust and direction of the company is determined and the major approaches are decided.

2. The time spectrum covered ranges from the very short range to infinity. Although the general thrust is long-range, a decision can be made in this process to stop producing Product X tomorrow or start to build tomorrow a new plant to produce the Product Y.

3. The process may produce a written document on a periodic basis, say annually—yet the process is a continuous activity. Top management cannot, of course, develop a strategic plan once a year and forget strategy in the meantime.

4. Compared with medium-range and short-range planning, the results of strategic planning process are not usually neatly incorporated into a prescribed form.

5. Strategic planning covers any element of the business that is important at the time of analysis and embodies details that are of sufficient scope and depth to provide the necessary basis for implementation.

6. The format of strategic plans is much more flexible and variable in content, from time to time, than for other types of plans.

7. Strategic planning process has many starting points, each different from the other.

8. Strategic planning is especially appropriate in volatile industries, such as the computer or telecommunication or anti-pollution industries where technological change is rapid and international competition is fierce.

9. Strategic planning is uniquely suited for providing ‘a broad managerial perspective which rescues management from the tunnel vision of unanalysed assumptions and fuzzy objectives’.

10. Strategic planning, even if the methods as well as the human resources and other situational variables differ greatly from one firm to another, is an increasingly necessary aspect of effective management.

Essay # 5 . Factors and Elements of Strategic Planning Process:

From the above, we see that the general contents of strategic planning process are:

(i) Objective of enterprise,

(ii) Basic mission,.

(iii) Basic strategies, and

(iv) Operational plans.

The factors and main elements of strategic planning process can be best identified and shown in a model below:

As we can see, strategic planning involves the development of objectives (step 1 in the planning process). Next the top management searches for the environment.

Next top management weighs the advantages of the several strategies considered and chooses one. It outlines the general organisational and policy changes necessitated by its strategic choice. It then delegates detailed planning and implementation activities to its middle management. Top management also sets budget levels and indicates general usage of funds; detailed budgeting is done by middle management.

Strategic planning is exciting. It involves decisions like: Xerox Corporation’s decision to enter (and leave) the computer field, Reliance Industries’ decision to get out of textiles and become a conglomerate, or Cadbury chocolate’s decision to become Cadbury Foods (all hypothetical).

Essay # 6 . CEO’s Role in Strategic Management:

The increasing time demands of strategic management have nowadays forced top managements among the larger companies to delegate more and more of the operating authority for running the business to lower-level managers.

Some companies today have Chief Executive Officers (CEOs) who are concerned essentially with outside environmental forces, and Chief Operating Officers (COOs) who are concerned primarily with running the day-to-day affairs of the business. In these cases as well as in others where there is no COO or its equivalent, more authority is usually being delegated to middle managers.

This does not mean that top managements remain unconcerned about the day-to-day operational matters. Only thing is that, in the changing environment from that of the past, the top managements are forced to spend much less time on routine operating matters and to devote much more time on strategic issues.

The most important case in point is that managerial strategies in large-sized organisations are considerably different from the operational strategies needed. After all, corporate level strategy in the changing environment is essential for success and growth, and for competitive advantage. Herein, comes the role of the chief strategist, the CEO.

The chief strategist is faced with three basic questions:

(1) What business are we in?

(2) How are we to match the best product-market opportunities?

(3) How are we to make best use of the company resources?

The first two questions are concerned with corporate-level strategies, while the third question relates to operational-level strategy. The CEO must conceptualise the whole strata of strategy as he is at the top. CEO is responsible for relating his organisation to a changing environment.

He alone is responsible for assuring the proper balance among various competing subsystems in the organisation. He alone is responsible for determining the total thrust of his organisation and for assuring that performance matches with his design. So, the role of the CEO is unique and so is his way of thinking.

Again, the CEO is expected to concentrate on the total enterprise rather than parts of it, and in the process ‘entirely new phenomena take place’.

CEO has to think in these terms. The thought processes, the attitudes, the perspective, the methods of analysis and the skills in the total strategic management process are unique and of demanding nature and call for higher level dynamism and initiative. CEO, as the chief strategist, has to have widest vision in these respects.

Essay # 7 . CEO’s Functions in Strategic Management:

Mintzberg’s classification of ‘Ten Managerial Work Roles’ vis-a-vis the functions/roles that concern the chief strategist is given below for better comprehension:

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Strategic Management: Meaning, Concepts, Examples (Explained)
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Strategic Management: Meaning, Concepts, Examples (Explained)
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STRATEGIC MANGEMENT: STRATEGIC MANAGEMENT PROCESS

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Strategic Management Process
Strategic Management Process Essay. Strategic management is a process that assesses the business areas that an organization operates. The process scrutinizes the organization's competitors, both current and future, and comes up with its goals and objectives. Strategic management process has several components, including the vision ...
What Is Strategic Management? Benefits, Process, and Careers
Strategic management is the process of defining and implementing procedures and objectives that set a company apart from its competition. Strategic management is also a skill that can be developed as someone gains experience and adopts a strategic mindset. It is considered part of business acumen and can also apply to fields like non-profit ...
How to Implement a Strategic Management Process [2024] • Asana
1. Identify your goals. The first step in the strategic management process is to evaluate where you're going, and why. Ideally, you already have some goal materials in place, including: Your vision statement. Your mission statement. Your long-term goals and/or BHAGs. Your company's core competencies.
Strategic management
Strategic management. A strategy is conventionally described as a long-term business plan or action formulated solely for the realization of business goals and objectives. On the other hand, strategic management refers to a compilation of managerial decisions and actions, aimed at determining the long-term performance of an organization ...
1.2 Defining Strategic Management and Strategy
Strategic management focuses on firms and the different strategies that they use to become and remain successful. Multiple views of strategy exist, and the 5 Ps described by Henry Mintzberg enhance understanding of the various ways in which firms conceptualize strategy.
Strategic Management
STRATEGIC MANAGEMENT offers an introduction to the key topics and themes of strategic management. The authors draw on examples of familiar companies and personalities to illustrate the different strategies used by today's firms—and how they go about implementing those strategies. Students will learn how to conduct a case analysis, measure organizational performance, and conduct external ...
A strategic management process: the role of decision-making style and
Strategic management is defined as a framework for achieving success, and it is pivotal for organisations to achieve their objectives and continuously perform better (Elliott et al., 2020). Additionally, strategic management is a continuous process of looking for a better action plan to ensure the organisation's competitiveness.
1.2 What is Strategic Management?
It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. A strategy is typically a higher level, broad goal, without a lot of specifics. It is long-term in nature.
What Is Strategic Management and Why Do We Need It ...
The strategic management process is crucial for organizational survival and performance, as outlined in the previous sections. Particularly for MNCs, acting in various markets and regions with distinct characteristics, strategic management is vital. Today, MNCs face never seen diversity and complexity. MNCs are caught between the need for ...
Full article: Organizational strategy and its implications for
Organizational strategy and its implications for strategic studies: A review essay. Jeffrey Hughes a Management Studies and International Relations, ... a result of decades of empirical analyses of the strategy process, is chipping away at the dichotomy between planning and implementation by engaging with strategy as an emergent phenomenon in ...
Free Strategic Management Essay Examples & Topics
Free Strategic Management Essay Examples & Topics. Every business and organization has set goals. The distribution of resources to achieve them is referred to as strategic management. It is an area with many elements to it, such as competitor analysis and planning. The benefits of strategic management aren't only financial.
Strategic Management Essay
The strategic management process is based on the belief that businesses should continually monitor internal and external events so timely changes can be made. To survive, firms must be able to identify and adapt to change. This involves timely planning, directing, organizing and controlling of the strategy-related decisions and actions of the ...
A strategic management process: the role of decision-making style and
Abstract. Purpose The purpose of this paper is to present a conceptual framework for integrating strategic thinking factors, organisational performance and the decision-making process. Design/methodology/approach The methodology involves a synthesis of literature and proposes a framework that explores the relationship between strategic thinking ...
An Overview of Strategic Management Practices
Strategic management is defined as a systematic process of specifying an organisation's long-term direction, setting specific objectives, developing policies and strategies to achieve these ...
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Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives.
9.1 Strategic Management
The strategic management process is the set of activities that firm managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace. Strategic management is made up of several distinct activities, shown in Exhibit 9.3. This chapter will detail the role each activity plays in ...
The Strategic Management Process
Strategic management is a continuous process of formulating, implementing and controlling broad plans that facilitate an organization in achieving the set objectives. It can also refer as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objective. (Bratton, n.d).
5.4 Conclusion
5.4 Conclusion. In the analysis stage of the strategic management process, the final phase is to apply the SWOT framework to consolidate a "snapshot" of the internal and external analysis conducted and identify the key strategic issue (s). The SWOT pulls together the important information from the external and internal analysis and the ...
(PDF) Strategic Management
Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage. The process of evaluation is concerned with the ...
Strategic Management Process, Essay Example
Assessment of performance is the last component of strategic management process which involves assumption of the continual transition in the organization. This stage calls for the management of the organization to develop proper techniques which can be used in analyzing and monitoring the performance of the organization (Evens and Wurster 2009).
Strategy and Strategic Management
Secondly, strategy refers to a plan. Henderson (1991) states, "Strategy is a deliberate search for a plan of action that will develop a business's competitive advantage and compound it" (p. 5). This plan informs the actions undertaken when the strategy is deliberate. Henderson (1991) assumes that all strategy must be formally planned.
Strategic Management And Its Significance
The strategic management process helps company leaders assess their company's present situation, chalk out strategies, deploy them and analyse the effectiveness of the implemented strategies (Welch, D.E. and Welch, L.S., 1996). The strategic management process involves analysing cross-functional business decisions prior to implementing them.
Essay on Strategic Management: Top 7 Essays
2. Strategic management is "the manner by which organisations plan to deal with various aspects of management like problem perception, divergent thinking, substantial resources, decision making, innovations and risk-taking" (Cunningham). 3. Strategic management is "the means by which management establishes purpose and pursues the purpose ...