Strategic Management

Instructor’s Notes

MBA 690 - Strategic Analysis

Essentials of Strategic Management, by Hunger & Wheelen

Dr. Karl Knapp

Revised 1/24/2008

|Teaching Notes |Chapter 1 - Strategy Introduction |

| |Three Key Questions |

| |Managers must ask three key strategic questions: |

| |Where is the organization now? |

| |If no changes are made, where will the organization be on one year? Two years? Five |

| |years? Ten years? Are the answers acceptable? |

| |If the answers are not acceptable, what specific actions should management undertake? |

| |What risks and payoffs are involved? |

| |Strategic Management |

| |Strategic management is that set of managerial decisions and actions that determines the |

| |long-run performance of a corporation. It includes environmental scanning (both internal |

| |and external), strategy formulation (strategic planning), and strategy implementation, |

| |evaluation and control. |

|...