What you’ll learn to do: explain the stages of strategy, and describe the common types of business strategies
The strategic management process starts with knowing the vision and mission, formulating clear goals, implementing plans with precision, and evaluating results to ensure milestone are met. Most business strategies are focused on the competitive environment. Porter’s system that classifies generic strategies allows organizations to choose how to situate themselves in the industry environment. Finally, all strategies must include an approach to address the digital world of e-commerce.