Straman Chapter 1
1. Where are we now?
2. Where do we go want to go from here?
3. How are we going to get there?
Strategy - how to attract and please customers, how to compete against rivals, how to position the company in the marketplace ad capitalize on attractive opportunities to grow the business, how best to respond to economic and market conditions, how to manage each functional piece of the business, how to achieve performance targets
Sustainable competitive advantage - set a company apart from its rivals
- staking out a market position that is not crowded with strong competitors
1. low-cost provider strategy
2. broad differentiation strategy
5. a best-cost provider strategy deliberate strategy, abandoned strategy elements, emergent strategy, realized strategy
Business model – customer value proposition - profit formula
The three tests of a winning strategy
1. How well does the strategy fit the company’s situation? (internal and external)
2. Is the strategy helping the company achieve a sustainable competitive advantage?
3. Is the strategy producing good company performance (profitability and financial strength AND advances in company’s competitive strength and market standing)?

Chapter 2
1. Developing a strategic vision, mission and values
2. Setting objectives
3. Crafting strategy to achieve the objectives and move the company along the intended path
4. Execute the strategy
5. Monitoring developments, evaluating performance and initiating corrective adjustments
Strategic inflection points is when vision becomes obsolete and managers face tough decisions about the company’s direction because abandoning an established course carries considerable risk. Strategic plan (1-3 in strategy process) maps out a company’s future direction performance targets and strategy.
Vision describes where are we going or future business scope – the