Strategic management is the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. As this definition implies, strategic management focuses on integrating management, marketing, finance, accounting, production, and information systems to achieve organizational success. Strategic management can also be defined as the executive-level activity of distributing resources across products and regions to gain a sustainable competitive advantage over rivals. Firms have liberty to compete many different ways in a variety of geographic areas, so decisions must be made regarding what markets to enter, what markets to avoid, which competitor’s space to invade, and which to avoid. A firm’s survival can hinge on these decisions being right; this textbook unveils the process needed for making effective strategic decisions. For example, Westinghouse Electric’s recent strategy to build a new generation of nuclear power plants was ill formulated and thus resulted in bankruptcy and eventual acquisition (in 2018) by Canada’s Brookfield Business Partners LP.
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