This chapter covers the following objectives:
- The definition of strategic management and its four key attributes.
- The strategic management process and its three interrelated and principal activities.
- The vital role of corporate governance and stakeholder management as well as how “symbiosis” can be achieved among an organization’s stakeholders.
- The importance of social responsibility, including environmental sustainability, and how it can enhance a corporation’s innovation strategy.
- The need for greater empowerment throughout the organization.
- How an awareness of a hierarchy of strategic goals can help an organization achieve coherence in its strategic direction.
