• Illustrate and explain the strategic management process.
• Defend the use of strategy in an organization.
• Describe the influence of the environment
• Describe (competitive, scope, scale, diversity, and the value chain)
• Explain the resource-based view of the firm.
• Describe a...
5.2.8 Conclusion ..................................................................................................................... 30
5.2.9 Revision Questions ........................................................................................................ 32
5.3 Study Unit 3: Ethics/Social Responsibility and Sustainability ................................................ 33
5.3.1 Introduction .................................................................................................................. 33
5.3.2 Business Ethics .............................................................................................................. 34
5.3.3 Social Responsibility ...................................................................................................... 36
5.3.4 Environmental Sustainability ......................................................................................... 36
5.3.5 Conclusion ..................................................................................................................... 37
5.3.6 Revision Questions ........................................................................................................ 39
5.4 Study Unit 4: Types of Strategies........................................................................................... 40
5.4.1 Introduction .................................................................................................................. 40
5.4.2 Types of Strategies ........................................................................................................ 40
5.4.3 Michael Porter’s Five Generic Strategies ....................................................................... 42
5.4.4 Means for Achieving Strategies ..................................................................................... 43
5.4.5 Strategic Management in Non-Profit and Governmental organisations ....................... 45
5.4.6 Strategic Management in Small firms ........................................................................... 45
5.4.7 Conclusion ..................................................................................................................... 48
5.4.8 Revision Questions ........................................................................................................ 48
5.5 Study Unit 5: Vision and Mission Analysis ............................................................................. 49
5.5.1 Introduction .................................................................................................................. 49
5.5.2 What do we want to become?.......................................................................................... 49
5.5.3 What is our business? ................................................................................................... 50
5.5.4 Benefits of a clear Vision and Mission Statements........................................................ 51
5.5.5 Characteristics of a Mission Statement ......................................................................... 51
5.5.6 Revision Questions ........................................................................................................ 53
5.6 Study Unit 6: Internal Audit ................................................................................................... 54
5.6.1 Introduction .................................................................................................................. 54
5.6.2 Nature of an Internal Audit ........................................................................................... 54
5.6.3 Resource Based View .................................................................................................... 55
5.6.4 Management ................................................................................................................. 55
5.6.5 Marketing ...................................................................................................................... 57
5.6.6 Finance and Accounting ................................................................................................ 57
5.6.7 Production and Operations ........................................................................................... 59
5.6.8 Research and Development .......................................................................................... 59
4
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