I. What is strategic management?i. Achieve and maintain competitive advantage Defining Strategic Management art and science of formulating, implementing and evaluating cross-functional decisions to enable and organization to achieve its objectives integrating management, marketing, finance/accounting, production/operations, research and development and information systems to achieve organizational success Strategic management (more on academia, FIE) and strategic planning (business, formulation) Purpose: exploit and create new opportunities for tomorrow Long-range planning optimize for tomorrow the trends of today Strategic plan companys game plan Stages of Strategic Management Three Stages: Strategy formulation Strategy implementation Strategy evaluation Integrating Intuition and Analysis Adapting Change Continually monitor internal and external events; timely changes Effectively manage change, continuously adapting their bureaucracies, strategies, systems, products and cultures to survive and prosper Speedy flow of information and borderless world What kind of business should we become? Are we in the right field(s)? Should we reshape our business? What new competitors are entering our industry? What strategies should we pursue? How are our customers changing? Are new technologies being developed that could put us out of business?II. Key Terms in Strategic Management Competitive Advantage -