Strategic management deals with major initiatives taken by managers to enhance company performance. It involves utilizing resources to take advantage of opportunities and address threats in the changing external environment. Strategic management is important because it concerns the fundamental issues and long-term survival and value creation of an organization. It covers the full scope of a company's activities and directs how the organization adapts its relationships with the environment over time.

1. What is Strategic Management? Video summary of Chapter 1 © Copyright Richard Lynch 2009. All rights reserved

3. What is strategic management ? But both the environment and the organisation are constantly changing: called strategy dynamics Environment Environment Environment Environment Organisation’s resources New strategies for such areas as people, finance, brands, networks Opportunity: growing economy Threat : competitive activity Opportunity : new customers Threat : new technology allows new suppliers into the market See Lynch, Chapter 5 for more on strategy dynamics

7. Prescriptive model of business strategy Environment Resources Purpose Options Options Options Choice Implement Perhaps more options... The prescriptive strategy process - see Lynch, Ch 1

8. Emergent model of business strategy Environment Resources Purpose Strategy development and implementation Keypoint : creative, experimental, more difficult to describe but essential See: Lynch, Chapters 7 and 11 The emergent strategy process – based on Quinn 1990, Senge 1990, Argyris 1977, Mintzberg 1987 and others