Chapter 1

• Strategic management is the dynamic process that is full of commitment to decisions and actions to deliver strategic competencies to achieve the desired results in terms of corporate profitability and growth.
• Strategic competitiveness is the result of the internal and external analyses of the corporate environment for the formulation of the strategy and action plans that are directed to set goals and targets.
• Effective strategic actions are prerequisites to achieving the desired corporate profit goals and above average return on investments
• Strategic Analysis refers to a process of collecting, scrutinizing and providing information for strategic purposes.
• Strategy Formulation is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose.
• Strategy Implementation- implies making the strategy work as intended or putting the organization’s chosen strategy into action.
• Strategy Evaluation and Control makes sure that the organizational strategy as well as it’s implementation meets the organizational objectives.
• Competitive Advantage Refers when a firm implements a strategy that creates superior value for customers
• Industry - Based Model focused and responsible for examining the environment in the industry.
• Resource-Based Model This will focus on how to use internal resources to gain competitive advantages in the market.
• Strategic Vision the advantage of the firm’s resources and core competencies to accomplish business goals.
• Strategic Intent provide a sense of direction or where an organizationis going through.
• Strategic Mission it is the firm’s direction in the pursuit of its operation. It provides general description of the products and services it offers as core competencies
• HYPERCOMPETITION Refers to intense and dynamic competition in the market where companies must continually innovate and adapt to gain a competitive advantage and stay ahead of rivals.