Unit 1 - Foundations of Strategic Management

Learning Objective

The first unit will review central concepts in strategy such as vision, mission, and company values. Classical external-internal diagnosis will also be discussed. Then the course will turn to more advanced methods and tools. It will analyse concepts and the scope of business strategy including scenario building and options on how to shape and assess strategy implementation. The course will critically review key elements of strategic management in order to discuss the contexts in which they are best applied. Lastly, the course will address your strategic options (specialisation, diversification, integration) and how to integrate this analysis at the SME level.

Estimated Time

It should take you around 90 minutes to complete this unit.

Introduction

Strategy is about winning. Strategy is not a detailed plan or program of instructions; it is a unifying element that provides coherence and indicates a direction for the actions and decisions of an individual or organization. Strategic management can also be seen as a link between the firm and its environment. This chapter introduces important terms in strategic management, such as the general policy of the company, vision and mission. Important elements of strategic management are also described in this unit.