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).