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Strategic Management
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The strategic management process (see Figure 1.1) is the full set of commitments,
decisions, and actions required for a firm to achieve strategic competitiveness and earn
above-average returns. The firm’s first step in the process is to analyze its external and
internal environments to determine its resources, capabilities, and core competencies—
the sources of its “strategic inputs.” With this information, the firm develops its vision
and mission and formulates its strategy. To implement this strategy, the firm takes actions
toward achieving strategic competitiveness and above-average returns. Effective strategic
actions that take place in the context of carefully integrated strategy formulation and
implementation actions result in desired strategic outcomes. It is a dynamic process, as
ever-changing markets and competitive structures are coordinated with a firm’s continuously
evolving strategic inputs.8
In the remaining chapters of this book, we use the strategic management process to
explain what firms should do to achieve strategic competitiveness and earn above-average
returns. These explanations demonstrate why some firms consistently achieve competitive
success while others fail to do so.9 As you will see, the reality of global competition
is a critical part of the strategic management process and significantly influences firms’
performances.10 Indeed, learning how to successfully compete in the globalized world is
one of the most significant challenges for firms competing in the current century
Jack W. Calhoun - Personal Name
8th Edition
13: 978-0-324-65559-
NONE
Strategic Management
Management
English
2009
1-843
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