Defining Strategic Management and Strategy

The first step in considering developing a strategic plan is understanding its basic elements. It is important to know what strategy is and what it is not. These sections will provide a foundation for an understanding of business strategy. When you have completed these sections, you will be able to define strategy and explain how it is used in a business setting.

1.2 Defining Strategic Management and Strategy

Learning Objectives

  1. Learn what strategic management is.
  2. Understand the key question addressed by strategic management.
  3. Understand why it is valuable to consider different definitions of strategy.
  4. Learn what is meant by each of the 5 Ps of strategy.


Source: https://open.lib.umn.edu/strategicmanagement/chapter/1-2-defining-strategic-management-and-strategy/
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