The document provides an overview of key concepts in strategic management including: 1. Strategic management involves formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. 2. The strategic management process includes assessing external opportunities/threats and internal strengths/weaknesses to develop long-term objectives and strategies. 3. Implementing, evaluating, and updating strategies is critical for organizations to adapt to changing conditions and gain sustained competitive advantages.

5. Strategic Management achieves a firm’s success through integration -- Management MIS Production/Operations Finance/Accounting Marketing Research & Development

6. Vision & Mission Strategy Formulation External Opportunities & Threats Internal Strengths & Weaknesses Long-Term Objectives Alternative Strategies Strategy Selection

8. Strategy Implementation Annual Objectives Policies Employee Motivation Resource Allocation

10. Strategy Evaluation Internal Review External Review Performance Metrics Corrective Actions

15. Involve Management at all levels Intuition & Judgment Influence all Analyses Integrating Intuition & Analysis

16. Analytical Thinking Integrating Intuition & Analysis Intuitive Thinking

38. Comprehensive strategic management model External Audit Chapter 3 Internal Audit Chapter 4 Long-Term Objectives Chapter 5 Generate, Evaluate, Select Strategies Chapter 6 Implement Strategies: Mgmt Issues Chapter 7 Implement Strategies: Marketing, Fin/Acct, R&D, CIS Chapter 8 Measure & Evaluate Performance Chapter 9 Vision & Mission Chapter 2