Essentials of Strategic Management offers a clear and structured understanding of
how organizations can plan, implement, and evaluate strategies to achieve long-term
goals in a dynamic business environment. It is an ideal academic resource for
commerce and management students aiming to grasp modern strategic management
principles

Salient Features:

•Explores the full spectrum of strategic management including formulation, implementation,
evaluation, and control.
• Clearly explains key concepts such as strategic intent, vision, mission, SWOT, CSR, and
competitive advantage.
• Each chapter is logically organized with definitions, illustrations, tools, models, and recent
trends.
• Incorporates emerging issues like digital transformation, sustainability, DEI, innovation, and
agile strategies.
• Includes practical tools like Porter’s Five Forces, Value Chain Analysis, Balanced Scorecard,
Ansoff and BCG Matrix.
• Every chapter ends with well-framed review questions to reinforce learning and aid exam
preparation.

Chapter 1 Introduction to Strategic Management
1.1 Introduction to Strategic Management 1
1.2 Definitions of Strategic Management 2
1.3 Brief History and Evolution of Strategic Management 2
1.4 Key Concepts Related to Strategic Management 3
1.5 Importance and Relevance of Strategic Management 5
1.6 Key Components of Strategic Management 7
1.7 Interconnection of Key Components in Driving the Strategic Management Process 10
1.8 Levels of Strategy in Strategic Management 11
1.9 Roles and Responsibilities in Strategic Management 13
1.10 Strategic Management Process 15
1.11 Difference between Strategy and Tactics 17
1.12 Challenges and Limitations in Strategic Management 18
1.13 Emerging Trends in Strategic Management 20
Review Questions 22
Chapter 2 Strategic Management Process
2.1 Introduction to the Strategic Management Process 27
2.2 Definition 28
2.3 Importance of the Strategic Management Process 28
2.4 Significance of Strategic Management in Private Organizations 29
2.5 Significance of Strategic Management in Public Sector Organizations 31
2.6 Significance of Strategic Management in Nonprofit Organizations 32
2.7 Difference between Strategic Management and Operational Management 33
2.8 Approaches to Strategic Decision Making 35
2.9 Characteristics of Strategic Decisions 36
2.10 Phases of the Strategic Management Process 37
2.11 Steps in the Strategic Management Process 39
2.12 Role of Leadership in the Strategic Management Process 42
2.13 Role of Organizational Culture in the Strategic Management Process 44

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2.14 Challenges or Limitations in the Strategic Management 45
2.15 Overcoming Resistance to Change 47
2.16 Ethical Considerations in the Strategic Management Process 47
2.17 Current Trends in the Strategic Management Process 49
Review Questions 50
Chapter 3 Strategic Intent- Vision, Mission, Objectives and Policy
3.1 Introduction 57
3.2 Elements of Strategic Planning 57
3.3 Definitions 58
3.4 Business System: Meaning and Concept 58
3.5 Importance of a Structured Business System in Strategic Management 59
3.6 Role of Objectives in Providing Organizational Direction 60
3.7 Types of Objectives 62
3.8 Role of Vision in Strategic Management 64
3.8.1 Role of Vision in Shaping Future Direction 66
3.8.2 Developing a Vision Statement Aligned with Core Values 67
3.9 Mission 69
3.9.1 Definitions 69
3.9.2 Understanding Mission Statement 69
3.10 Difference between Mission and Vision 71
3.11 Policy 71
3.11.1 Definition 71
3.11.2 Role of Policies in Strategic Management 71
3.11.3 Types of Policy 72
3.12 Strategy 73
3.12.1 Definitions 73
3.12.2 Types of Strategy 74
3.13 Aligning Objectives, Vision, Mission, Policy, and Strategy 75
3.14 Common Pitfalls in Vision and Mission Development 76
3.15 Challenges in Defining Objectives, Vision, and Mission 77
Review Questions 78
Chapter 4 Environmental Scanning
4.1 Introduction 83
4.2 Definitions 84
4.3 Importance of Environmental Scanning in Strategic Management 84

Content vii
4.4 Key Objectives of Environmental Scanning 86
4.5 Features of Environmental Scanning 87
4.6 Approaches to Environmental Scanning 87
4.7 Factors Influencing Environmental Scanning 88
4.8 Types of Environmental Scanning 89
4.9 Techniques of Environmental Scanning 91
4.10 Tools of Environmental Scanning 97
4.11 Sources of Collection of Information for Environmental Scanning 99
4.12 Environmental Forecasting 101
4.13 Limitations of Forecasting 103
4.14 Process of Environment Scanning 104
4.15 Benefits of the Environmental Scanning Process 106
4.16 Challenges in Environment Scanning 107
4.17 Role of Technology in Environment Scanning 108
4.18 Environmental Scanning for Competitive Advantage 109
Review Questions 111
Chapter 5 Organisational / Corporate Appraisal
5.1 Introduction 117
5.2 Definitions 118
5.3 Importance of Corporate Appraisal in Strategic Management 118
5.4 Objectives of Corporate Appraisal 119
5.5 Types of Corporate Appraisal 121
5.6 Tools for Data Collection and Analysis 122
5.7 Steps in the Corporate Appraisal Process 124
5.8 Corporate Appraisal Techniques 126
5.9 Challenges in Corporate Appraisal 138
5.10 Role of Technology in Corporate Appraisal 139
5.11 Application of Corporate Appraisal Findings in Strategy Formulation 140
Review Questions 142
Chapter 6 Corporate Strategy
6.1 Introduction 149
6.2 Definitions 150
6.3 Objectives of Corporate Strategy 150
6.4 Levels of Strategy 151
6.5 Types of Strategy 153

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6.6 Corporate Social Responsibility (CSR) and Sustainability in Corporate Strategy 167
6.7 Integrating CSR and Sustainability in Corporate Strategy 168
6.8 Challenges and Considerations 168
6.9 Evaluating Corporate Strategy Choices 169
6.10 Tools for Evaluating Corporate Strategy Choices 170
6.11 Implementation of Corporate Strategy 170
6.11.1 Key Steps in the Implementation of Corporate Strategy 171
6.12 Challenges in Strategy Implementation 172
6.13 Tools for Effective Strategy Implementation 172
6.14 Key Performance Indicators (KPIs) for Corporate Strategy 172
6.14.1 Benefits of Using KPIs for Corporate Strategy 174
6.15 Monitoring and Controlling Corporate Strategy 175
6.15.1 Key Steps in Monitoring and Controlling Corporate Strategy 175
6.15.2 Tools for Monitoring and Controlling 176
Review Questions 176
Chapter 7 Choice of Strategy
7.1 Introduction 183
7.2 Definitions 184
7.3 Importance of Choosing Right Strategy 184
7.4 Factors Influencing Strategic Choice 185
7.5 Criteria for Selecting an Effective Strategy 187
7.6 Grand Strategy 188
7.6.1 Definition 188
7.6.2 Purpose of Grand Strategy 188
7.7 Types of Strategic Choices 188
7.8 Analytical Tools for Strategic Choice 191
7.9 Process of Strategic Choice 225
7.10 Risk Assessment in Strategic Choice 226
7.11 Evaluating Strategic Options 227
7.12 Role of Stakeholders in Strategic Choice 228
7.13 Ethical and Social Responsibility Considerations 229
7.14 Decision-Making Models for Strategic Choice 231
7.15 Finalizing and Communicating the Chosen Strategy 232
7.16 Review and Adaptation of Strategic Choice 233
Review Questions 235

Content ix

Chapter 8 Strategy Implementation
8.1 Introduction to Strategy Implementation 241
8.2 Definitions 242
8.3 Significance and Role of Strategy Implementation 242
8.4 Types of Strategy Implementation 243
8.5 Steps in Strategy Implementation 246
8.6 Components of Strategy Implementation 248
8.7 Different Phases of Strategy Implementation 251
8.8 Models of Strategy Implementation 253
8.9 Mckinsey 7-S Framework 255
8.10 Tools of Strategy Implementation 257
8.11 Challenges in Strategy Implementation 261
8.12 Matrices for Strategy Implementation 262
8.13 Technology for Strategy Implementation 265
8.14 Importance of Organizational Culture in Strategy Implementation 267
8.15 Role of Change Management in Strategy Implementation 268
Review Questions 269
Chapter 9 Strategy Evaluation and Control
9.1 Introduction 275
9.2 Meaning 276
9.2.1 Strategy Evaluation 276
9.2.2 Strategy Control 276
9.3 Objectives of Strategy Evaluation and Control 276
9.4 Purpose of Strategy Evaluation 277
9.5 Criteria for Strategy Evaluation 278
9.6 Definitions of Strategic Control 280
9.7 Types of Strategic Control 280
9.8 Strategy Evaluation Techniques 282
9.9 Process of Strategy Evaluation 287
9.10 Key Performance Indicators for Strategy Evaluation and Control 291
9.11 What is Balanced Scorecard? 296
9.12 Role of Stakeholders in Strategy Evaluation 302
9.13 Challenges in Strategy Evaluation and Control 306
9.14 Technology and Data Analytics in Evaluation and Control 308
9.15 Ethical and Social Responsibility Considerations in Strategy Evaluation 311
9.16 Feedback Mechanisms and Continuous Improvement 313
9.17 Review and Adaptation of Strategy Based on Evaluation 314
Review Questions 315

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Chapter 10 Strategic Trends and Issues
10.1 Introduction to Strategic Trends and Issues 321
10.2 Digital Transformation in a Strategic Context 322
10.2.1 Introduction to Digital Transformation 322
10.2.2 Meaning 322
10.2.3 Importance 322
10.2.4 Key Technologies 323
10.2.5 Implementation Strategies 323
10.2.6 Challenges 325
10.2.7 Conclusion 325
10.3 Sustainability and Corporate Social Responsibility (CSR): A Strategic Approach 326
10.3.1 Introduction to Sustainability and Corporate Social Responsibility (CSR) 326
10.3.2 Concepts and Frameworks 326
10.3.3 Sustainability: Meaning 327
10.3.4 Corporate Social Responsibility (CSR): Meaning 327
10.4 Globalization 330
10.4.1 Introduction to Globalization 330
10.4.2 Trends in Global Markets 331
10.4.3 Cultural Considerations in Globalization 332
10.4.4 Regulatory Challenges in Globalization 333
10.4.5 Competitive Strategies in Globalization Environment 334
10.4.6 Conclusion 335
10.5 Innovation and Disruption 336
10.5.1 Innovation Types 336
10.5.2 Creating a Culture of Innovation 337
10.5.3 Strategic Frameworks 338
10.5.4 Success Stories 339
10.5.5 Conclusion 340
10.6 Talent Management 341
10.6.1 Importance of Talent 341
10.6.2 Key Recruitment Strategies for Attracting Top Talent 342
10.6.3 Retention Strategies 342
10.6.4 Diversity and Inclusion 343
10.6.5 Examples of Best Practices: Companies with Effective Talent Management
Strategies 344
10.6.6 Conclusion 345
10.7 Data Privacy and Cybersecurity 346
10.7.1 Regulatory Landscape: Overview of Key Data Privacy Laws (E.g., GDPR) 346

Content xi
10.7.2 Cyber Security Threats 347
10.7.3 Data Privacy Impacts on Strategic Decisions 348
10.7.4 Measures for Protecting Data and Ensuring Compliance 349
10.7.5 Conclusion 350
10.8 Stakeholder Engagement 350
10.8.1 Building Sustainable Relationships for Strategic Success 350
10.8.2 Identifying Stakeholders 350
10.8.3 Engagement Strategies 351
10.8.4 Balancing Interests 352
10.8.5 Impact on Strategy: How Stakeholder Engagement Influences Strategic Choices 353
10.8.6 Success Examples: Companies Excelling in Stakeholder Management 354
10.8.7 Conclusion 355
10.9 Supply Chain Resilience 355
10.9.1 Characteristics of a Resilient Supply Chain 356
10.9.2 Risk Assessment in Supply Chain Resilience 356
10.9.3 Strategies for Resilience 357
10.9.4 Impact of Disruptions: Lessons Learned from Recent Global Events
(E.g., Pandemics) 359
10.9.5 Conclusion 360
10.10 Diversity and Inclusion 361
10.10.1 Importance of Diversity 361
10.10.2 Strategic Framework: Integrating Diversity into Organizational Culture 362
10.10.3 Measurement and Accountability: Metrics for Assessing Diversity Initiatives 363
10.10.4 Challenges and Barriers 364
10.10.5 Best Practices: Companies with Successful Diversity Strategies 365
10.10.6 Conclusion 366
10.11 Objectives and Key Results (OKR) Model 367
10.11.1 Key Components of the OKR Model 367
10.11.2 Example of an OKR 367
10.11.3 OKR Framework in Action 367
10.11.4 Benefits if the OKR Model 367
10.11.5 Implementing the OKR Model 368
10.11.6 Common Pitfalls and Challenges in OKRs 368
10.11.7 OKRs and Business Strategy 368
10.11.8 OKRs in Performance Management 368
10.11.9 Real-World Applications of OKRs 369
10.11.10 Future Trends in OKRs 369
10.11.11 Conclusion 369
Review Questions

Dr. K. Hari is the Associate Professor and Head of the Department of Business
Administration at Government Arts and Science College, Sriperumbudur. With over
26 years of academic experience, he has published 24 research papers and delivered
10 invited lectures. He has successfully guided 3 PhD scholars and specializes in
Marketing Research, Marketing, and HRM. Dr. Hari is proficient in analytical tools
such as SPSS, AMOS, SMART PLS, and LaTeX. He actively serves on Research
Advisory Committees and Boards of Studies of various institutions. He has also
contributed to syllabus reforms under TANCHE and served as an expert member on
the Teachers Recruitment Board (TRB).