Learning Outcome

After studying this chapter, you should be able to:

   Describe strategic management and business model.

   Explain the importance of strategic management.

   Describe the six-step process in strategic management.

   Explain what managers do during external and internal analyses.

   Define strengths, weaknesses, opportunities and threats.

   List the three types of organizational strategies.

   Define corporate strategy and describe its three main types.

   Discuss the BCG matrix and how it is used.

   Define business strategy.

Learning Outcome

   Explain the role of competitive advantage in business strategies.

   Describe porter's five forces model.

   Describe porter's three generic competitive strategies.

   Define functional strategy.

   Explain the importance of being strategically flexible.

   Describe e-business strategies.

   Explain what strategies organizations might use to become more customer oriented and to be more innovative.