Strategic management = decisions across functions (formulate→implement→evaluate).
1. Which statement best defines strategic management?
2. In this course, how is strategic planning treated?
3. What are the three prompts in the comprehensive, integrative strategic management model?
Strategic management — definition?
Formulating, implementing, evaluating decisions.
Strategic management model — purpose?
Links current position, future goal, and path.
Strategy formulation — stage?
Set vision, mission, and long-term choices.
Strategy implementation — stage?
Turn strategies into objectives and actions.
Strategy evaluation — purpose?
Check effectiveness and make corrections.
Key terms — competitive advantage?
Doing activities well or owning desired resources.
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