Ch 5 · Introduction to Strategic Management

📘 Core concepts

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