chapter  2
28 Pages

Strategy Formulation

This chapter covers the strategic management process as defined by the strategic management framework. This management model encompasses the nature of strategic decisions derived from the general concept of strategy and its structure. In addition, this chapter answers the questions: What is strategic management? What is the strategic management process? Who are the strategists? The chapter further analyzes and explains the necessity for management to anticipate and adapt to the ever-changing environment.1 It describes the composition and benefits of the strategic management process. It also discusses a number of recent trends that command attention, as they influence the process of strategic management. Some of these trends are global competition, total quality management, and reengineering.