Strategic Management — process?
Ongoing formulation, implementation, evaluation.
Strategic Management — definition?
Ongoing process of setting and achieving long-term goals.
Environmental Scanning — purpose?
Identify external/internal factors affecting strategy.
Environmental Scanning — purpose?
Identify opportunities, threats, strengths, weaknesses.
SWOT Analysis — components?
Strengths, Weaknesses, Opportunities, Threats.
SWOT Analysis — components?
Strengths, Weaknesses, Opportunities, Threats.
Porter's Five Forces — focus?
Competitive rivalry, suppliers, buyers, threats, substitutes.
PESTEL Analysis — factors?
Political, Economic, Social, Technological, Environmental, Legal.
Competitive Advantage Types — examples?
Cost leadership, differentiation, focus.
Sources of Advantage — examples?
Unique resources, capabilities, market position.
Test your knowledge with 9 questions on Mastering Strategic Management Fundamentals.
1. What is the 'Strategic Management Process' primarily considered to be?
2. What does the strategic management process primarily involve?
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