A logical starting in studying strategy formulation is a comprehensive look at the nature of strategic management. Hundreds of studies have attempted to understand the nature of strategic management decisions. Fortunately, the results from these studies are reasonably consistent.

The theme that follows through and ties four chapters of this part together is effective the strategic management process requires and understanding of what strategic managers do and how they do works the way it does. In essence, strategic management is a set of functions and processes. Effective strategic management is knowing about these functions and processes and knowing when and how to implement them.

Introduction to Strategic Management, defines the scope of strategic management and sets out concepts that are basic to a working knowledge of this field.

Introduction to Management

discusses the concepts of management and manager. Management is discussed in terms of the basic functions that a manager performs - planning, organizing, leading, and controlling - the roles that a manager must assume, and the skills required of a manager. The chapter ends with a discussion of foundations of management, including the essence of management, and the development of management thought and theory.

The Nature and Value of Strategic Management

emphasises the practical value of a strategic management approach for a business organizations and reviews the actual benefits for companies that have instituted strategic management. This chapter also describes the evolution of strategic management, and introduces the working models of the strategic management process. The critical activities of strategic management are then presented as a set of dimensions that can be used to distinguish strategic decisions from other planning tasks of the firm. The text introduces specific tools and techniques for strategic analysis.

Planning and Strategic Planning: an Overview

is devoted to planning and strategic planning. The text discuses the various dimensions of the planning process as well as a step-by-step of how to plan strategic decisions. Particularly, this chapter reflects the growing importance of strategic planning in organizations today. Both theoretical and practical approaches to strategic planning are explored. Basic guidelines are given for strategic planning process.

Corporate Social Responsibility

discusses the concept of social responsibility. Argument for and against social responsibility are presented and analyzed. The concept of ethics as related to management is also discussed.

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