While it is useful to discuss the strategic management process in a stepwise fashion, it’s important to point out that the cycle occurs such that everything is being done at once In this chapter, we see how the information strategic analysis provides gets put to work.

The strategic management process is the set of activities that firm managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace. In the previous chapter we focused on analyzing and understanding a firm’s competitive environment.

strategic management process — the set of activities that firm managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace. strategic analysis — the systematic examination of a firm’s internal and external situation that informs managerial decision-making. benchmarking — a performance evaluation technique where the standard for a firm’s performance is based on another firm’s superior performance. goal — something that a firm is trying to accomplish; can also be called an objective.