1. 1 UNIT 3: THE STRATEGIC MANAGEMENT PROCESS

2. The formulation and implementation of strategies to achieve corporate success. –The Strategy Position The environment Strategic capability Expectations and purposes –Strategic choices Corporate, business, functional, international Development directions and methods 2

3. 3 –Strategy into action Organizing Enabling Managing change

4. The development and implementation of strategy to achieve corporate success. The analysis, decisions and actions an organization carries out to achieve sustainable competitive advantage. 4

5. Strategic management is about organizational performance. -Why do some companies do better than others? -How can we create sustainable competitive advantage? 5

6. Strategic management encompasses both strategy and operations. –Efficiency and effectiveness –Short term and long term 6

7. Sustainable competitive advantage cannot be achieved through operational effectiveness alone (Porter, M.) –Operational effectiveness means doing similar activities better than rivals. –Strategy is about being different from rivals. –Sustainable competitive advantage comes about by performing different activities from rivals or performing similar activities in different ways. 7