Strategic Management

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Week 1 Required and Supplementary Materials

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1.1 Defining Strategic Management and Strategy

L E A R N I N G O B J E C T I V E S

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.

What Is Strategic Management?

Issues such as those currently faced by Apple are the focus of strategic management because they help

answer the key question examined by strategic management—“Why do some firms outperform

other firms?” More specifically, strategic management examines how actions and events involving top

executives (such as Steve Jobs), firms (Apple), and industries (the tablet market) influence a firm’s

success or failure. Formal tools exist for understanding these relationships, and many of these tools

are explained and applied in this book. But formal tools are not enough; creativity is just as important

to strategic management. Mastering strategy is therefore part art and part science.

MGMT 670 9041 Strategic Managem… Te Aqua Bailey

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Table of Contents WEEKLY COURSE CONTENT Week 1: Strategy (Discussion Ques!on 5%) Week 1 Required and Supplementary Materials

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