ABSTRACT
Chapter 1 emphasized the key role of managers in the formulation and implementation of strategy. Our definition of strategy as “a pattern in a stream of decisions” emphasizes that managerial decision making is the basis for strategies. And, to a large degree, the quality of a firm’s strategies—and ultimately its overall performance—will reflect the quality of its managers’ decisions. Chapter 2 then focused on competitive advantage, and specifically examined the requirements for developing and maintaining a competitive advantage. Chapter 2 again highlighted the role of managerial thinking in influencing the decisions that determine whether a firm will develop or maintain a competitive advantage.
