Ch 5 · Introduction to Strategic Management
5 concept points · 0 formulas · 4 exam-critical points.
📘 Core concepts
- 1Strategy: long-term direction & scope to achieve advantage through resource configuration.
- 2Levels: Corporate, Business, Functional.
- 3Vision, Mission, Goals, Objectives — hierarchy.
- 4Strategic Management Process: Environmental Scanning → Formulation → Implementation → Evaluation.
- 5Competitive advantage from cost leadership, differentiation, or focus (Porter).