ABSTRACT
Chapter 1 introduced strategic management as the framework of thoughts and actions by which firms pursue superior performance. While accurate and reflecting the complex and multifaceted nature of strategy, definitions like this are not especially helpful to those who would ask, So how does one actually do strategic management? Indeed, students and executives alike are often left bewildered and
unsure by the somewhat esoteric nature of strategy. They understand the terminology and grasp the concepts, but they are frequently unable to translate the framework from the conceptual to the practical. As a consequence, strategy remains for many little more than an academic undertaking, a thought-provoking exercise that has little direct connection to the reality of day-to-day action.
