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Chapter 2 : Business Strategy
Reflection: The core of strategic management as a practical endeavor is formulating a successful strategy for the firm. Strategic thinking is about understanding the relationships among the firm’s internal and external context, its actions and its performance. This chapter will describe a manager who has a mental map of these relationships can define a strategy that acts as a guide to decision making for all the members in the organization.
The steps of strategy identification and evaluation are most relevant. Identifying existing strategy is also a starting point for general managers responsible for developing and overseeing the strategy implementation. Strategy evaluation: testing the logic. Strategy process and strategic change: developing strategic options, evaluating the strategic options, select a strategy, communicating strategy, implement a strategy.
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