Includes index.

"The First chapter of this book introduces strategic management, the set of decisions and actions thatresult in the design and activation of strategies to achieve the objectives if an organization. The chapter provides an overview of the nature of benefits, and terminology of and the need for strategicmanagement. Subsequent chapters provide greater detail.The first major section of Chapter 1, "The Nature and Value of Strategic Management," emphasizes thepractical value and benefits of strategic management for a firm. It also distinguishes between a firm'sstrategic decisions and its other planning tasks.The section stresses the key point that strategic management activities are undertaken at three levels:corporate, business, and functional. The distinctive characteristics of strategic decision making at each ofthese levels affect the impact of activities at these levels on company operations. Other topics dealt within this section are the value of formality in strategic management and the alignment of strategy makersin strategy formulation and implementation. The section concludes with a review of the planningresearch on business, which demonstrates that the use of strategic management process yields financialand behavioral benefits that justify their costs.The second major section of Chapter 1 presents a model of the strategic management process. Themodel, which will serve as an outline for the remainder of the text, describes approaches currently usedby strategic planners. Its individual components are carefully defined and explained, as is the process forintegrating them into the strategic management process. The section ends with a discussion of themodel's practical limitations and the advisability if tailoring the recommendations made to actual business situations. "

English text.