![]() Identify Identify the roles roles and respo responsibi nsibiliti lities es of strat strategic egic manager managerss at different different levels within within the organiza organization. Specify Specify the rela relations tionships hips bet between ween supe superior rior per perform formance, ance, pro profita fitabilit bility, y, competitiv competitivee advantage advantage and sustainable competitive advantage. Introd Introduce uce sstud tudent entss to the the cconc oncept ept of of stra strateg tegy. The final section of the chapter stresses the importance of effective decision making by the firm’s top managers in achieving superior performance. However, formal strategic planning systems do not always produce the desired results. Formal planning helps companies make better strategic decisions, and the use of decision aids can help managers make better forecasts. Next, the chapter presents a discussion of strategic planning in practice. However, strategies may also emerge through other mechanisms. The traditional concept of the strategic planning process is one that is rational and deterministic, and orchestrated by senior managers. The second phase, implementation, consists of the actions taken to carry out the chosen strategy. The first phase, formulation, includes the establishment of corporate mission, values, and goals analysis of the external environment analysis of the internal environment and selection of an appropriate functional-, business-, or corporate-level strategy. The chapter gives an overview of the formal strategic management process. It also points out the attributes of sound strategic leadership. It examines the roles and responsibilitie responsibilitiess of strategic managers at three main levels within an organization: the corporate, business, and functional level. A discussion of the roles of strategic managers and the function of strategic leadership in an organization follows. Strategic management is just as crucial to nonprofits as it is to profit-seeking businesses. Sustained competitive advantage occurs when a firm is able to maintain above-average profitability over an extended period of time. ![]() Next, the chapter equates superior performance with profitability, for profit-seeking enterprises. The firm’s top managers have direct responsibility for choosing strategies that will lead to superior performance and provide competitive advantage. The strategies an organization pursues have a major impact upon its performance relative to its peers. This chapter begins with a discussion of the concept of strategy. The chapter serves to establish the context within which subsequent chapters fit. ![]() Its purpose is to define critical concepts and introduce the main components of the strategic management process. The Strategic Management Process SYNOPSIS OF CHAPTER This is an introductory chapter. ![]()
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