Summary

Strategic management is that set of managerial decisions and actions that determines the long-run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control. The study of strategic management, therefore, emphasizes the monitoring and evaluating of external opportunities and threats in light of a corporation's strengths and weakness. Originally called business policy, strategic management incorporates such topics as strategic planning, environmental scanning, and industry analysis.

Ethics is the discipline that examines one's moral standards or the moral standards of a society. Ethics is the study of moral standards - the process of examining the moral standards of a person or society to determine whether these standards are reasonable or unreasonable in order to apply them to concrete situations and issues. The ultimate aim of ethics is to develop a body of moral standards that we feel are reasonable to hold - standards that we have thought about carefully and have decided are justified standards for us to accept and apply to the choices that fill our lives.