Module in

STRATEGIC MANAGEMENT

Module – Strategic Management

Business Model Canvass (BMC)
Environmental Analysis (SWOT and PESTEL)
Assessment for Strategic Management -1
Assessment for Strategic Management -2

Prepared by: Ermie Lux L. Matildo, DBA, DM

Instructor
 I. TITLE- STRATEGIC MANAGEMENT

▪ A Mission Statement aims to provide the employees and the stakeholders with clarity
about the overriding purpose of the organization.

▪ A (Strategic) Vision concerns “what the firm will look like in next 5, 10, 15 years”.

Values (Corporate) the guiding principles of the firm. The building blocks of a firm’s culture.
Creates a procedure for how a firm will fulfill and achieve its vision.

II. INTRODUCTION

Strategic management is the management of an organization’s resources to achieve its goals

and objectives. Strategic management involves setting objectives, analyzing the competitive
environment, analyzing the internal organization, evaluating strategies, and ensuring that
management rolls out the strategies across the organization.

Strategic management is divided into several schools of thought. A prescriptive approach to

strategic management outlines how strategies should be developed, while a descriptive approach
focuses on how strategies should be put into practice. These schools differ on whether strategies
are developed through an analytic process, in which all threats and opportunities are accounted
for, or are more like general guiding principles to be applied.

Strategic management is a continuous process that evaluates and controls the business and
the industries in which an organization is involved; evaluates its competitors and sets goals and
strategies to meet all existing and potential competitors; and then reevaluates strategies on a
regular basis to determine how it has been implemented and whether it was successful or does it
needs replacement.

This module covers the following aspects:

I. Business Model Canvass ( BMC)

⮚ Business Model
⮚ Business Model Canvass
⮚ The 7 elements components in making a Business Model Canvass
II. Environmental Analysis (SWOT and PESTEL)
⮚ SWOT analysis ( study of the micro environment of the organization)
 ⮚ PESTEL analysis (study of macro environment of the organization) stands for
Political, Economic, Social, Technological, Ecological, and Legal.
III. Assessment for Strategic Management -1
⮚ Comprehension of vision and strategies and each relationship.
⮚ Application of models use in strategic management.
IV. Assessment for Strategic Management -2
⮚ Financial Institution considering its strategic gap.
⮚ Existing Business with the generic strategies
⮚ Porters The Five Forces Model
⮚ Business Level Strategy (General Types of Strategies, Cost Leadership,
Differentiation & Focus).
⮚ Product Innovation

This module helps you to analyze business situations to understand the important factors that
impacting in you. It can also utilize strategic frameworks and tools to make decision as to what
to do.

III. INTENDED LEARNING OUTCOMES

At the end of this lesson, you will be able to:

1. Student will be able to describe major theories, background work, concept and research
output in the field of strategic management.
2. Student will be demonstrate a clear understanding of the concepts, tools and techniques
used by executives in developing and executing strategies and will appreciate its
integrative and interdisciplinary nature.
3. Students will be able to demonstrate effective application of concept, tools and
techniques to practical situations for diagnosing and solving organizational problems.
4. Students will be able to demonstrate capability of making their own decisions in dynamic
business landscape.
5. Student will be able to develop their capacity to think and execute strategically.

At the end of this midterm module, you will be able to make a SWOT and PESTEL analysis.

1. SWOT Analysis (Study of the microenvironment of the organization)

⮚ Strengths- refer to POSITIVE INTERNAL forces contributing to the achievement of
organization’s goals.
⮚ Weaknesses- refer to NEGATIVE INTERNAL forces inhibiting to the achievement of
organization’s goals.
 ⮚ Opportunities- refer to POSITIVE EXTERNAL forces contributing to the achievement of
organization’s goals.

Threats- refer to NEGATIVE EXTERNAL forces inhibiting to the achievements of

organization’s goals.

1. PESTEL Analysis (study of the macro environment of the organization) stands for
Political, Economic, Social, Technological, Ecological and Legal.
⮚ Political- the role of government as an owner or customer other factors include
government policies, taxation changes, trade regulations, etc.
⮚ Economic-macro-economic factors such as exchange rates, business cycles, different
economic growth rates, exchange rates, unemployment rates.
⮚ Social/Demographic – changing cultures and demographics
⮚ Technological – innovations such as communication, nanotechnology, etc.
⮚ Ecological – green issues such as pollution and climate change.
⮚ Legal – legislative constraints or changes such as health and safety, competition law.

IV. INSTRUCTIONAL MATERIALS

An Overview of Strategic Analysis, the

Product Lifecycle, and Strategic Drift.
Session# 1

What is Strategy?

▪ Strategy is direction and scope of a firm over the long term, which
achieves advantage in a changing environment by configuring resources
and capabilities in order to meet stakeholder’s expectations.
▪ This involves:
⮚ Analysis
⮚ Trade-offs
⮚ Execution

Definition: Strategic Business Unit

▪ Strategic business unit (SBU) is distinct business a corporation that has own
customers, competition, and draws upon its own resources and capabilities.
▪ For example: contrast general electric’s jet engage division (GE Aviation) with
their GE healthcare division.

Strategy-Three Levels
 1. Corporate-Level Strategy explains what
businesses or markets a firm should
compete in. Answers what the firm
overall portfolio of businesses should
contain.

2. Business-Level Strategy relates to how a

firm should operate within its selected
businesses. What products or services a
firm should offer; how the firm should
create those products or services; and how
the firm should take its product or services
to the market place. It’s should articulate
what advantage a firm should aim for to
achieve its desire result.

3. Operation-Level Strategy dictates how a firm

should operate within specific functional
areas (e.g., marketing, R&D, production,
finance, HR).

The Product Life Cycle

 ▪ Virtually all products have a limited life span until a better solution to the customer’s
problem comes along.
▪ Life cycles follow for the most part predictable patterns.
▪ Market conditions, opportunities and challenges vary over the cycle.
▪ Marketing strategies need to adapt over the life cycle.

Introduction

▪ Stimulate demand.
▪ Promotion campaigns to get increase public awareness.
▪ Explain how the product is used: features, advantages, benefits.
▪ Need to spend a lot of money on promotion.
▪ You will likely lose money, but expect to make profits in the future.
▪ High risk as product is new.

Growth

▪ Significant sales- the seller tries to sale as much as possible.

▪ 0ther competitor companies watch, and decide about
joining in with a competitor product “Success breeds imitations”.
▪ Growth will continue until too many competitors in the market- and the market saturated.
▪ At the end at the growth stage, profit start to decline when a competition means you have
to spend more money on promotion to keep sales on joining.
Maturity

▪ Many competitors have joined- the market

saturated.
▪ It is difficult to tell the different between
products since most have the same F.A.B.
Features,
advantages and benefits.
▪ The only way to sell is to begin to lower the
price-
Thus profits decrease.
▪ Competition can get “nasty” and promotion
is intense.

Decline

▪ Newer products are now more attractive- even

a low price does not make consumers want to buy.
▪ Profit margins decline- and so the only way to make
money is to sell a high volume, or become the lowest
cost producer.

Strategy Drift

▪ Company goes slowly off course and returns decrease

Strategic Drift occurs:

⮚ Alignment with environmental change

● The environment- market needs are changing slowly so business sees no reason
for dramatic change.
⮚ Past success
● Been successful, no need to change. Hubris?
⮚ Relationship becomes shackles.
⮚ Not that easy to spot.
Business Model Analysis
Session #2
A Business Model

▪ A business model describes how an organization manages incomes and costs through the
structural activities of its activities.
▪ It can best be described through nine basic building blocks that show the logic of how a
company intends to make money.
▪ The nine blocks of the following model cover the four main areas of a business:
1. Customers
2. Offer
3. Infrastructure
4. Financial viability
▪ The business model is like a blue prints for a strategy to be implemented through
organizational structures, processes, and systems.

▪ Describes the rationale of how an organization creates, delivers, and captures value.

7 Elements/ Components in Making Business Canvas

Customers Segments

For whom are we creating value?

▪ Who are the most important customers?

● Mass Market
● Niche Market
● Segmented
● Diversified
 ● Multi- sided platform (i.e. Credit card Company who needs a large base of credit
cards holders and a large base of merchants to accept this credit cards).

Channels

Value propositions are delivered to customers

through communication, distributions and sales
channels

▪ How a company communicates with and

reaches its customers segment to deliver a value
proposition.
▪ Which channels do our customers segments
want to be reached? How are we reaching them
now? Which are working best (or not working)?
▪ Enabling customers to evaluate a firm’s
products.
▪ Allowing customers to purchase
▪ Providing post- purchase customer support.

Customers Relationships

The types of relationship the firm establishes with its

customers. What type of relationships does our customer
expect and how much does this cost? How does this
support the value proposition?

▪ Personal assistance
▪ Dedicated personal assistance
▪ Self-service
▪ Automated services
▪ Communities
▪ Co-creation (i.e. Companies like trip advisor that
invites its clients to write review of the places
they stayed, and thus create value for other traveller)

Revenue Streams

For what value our customers really willing to pay

▪ Asset sales ( product sales)

▪ Usage fee
▪ Subscription fee
▪ Lending/renting/leasing
 ▪ Licensing
▪ Brokerage Fees
▪ Advertising
▪ Service

Key Resources

The most important assets required to deliver our

value proposition, distribution channels, and
customer relationships.

▪ Physical
▪ Intellectual
▪ Human
▪ Financial
▪ Production and Platform

Key Capabilities/ Activities

The most important activities a company

must do, in order to deliver its value proposition,
and makes its business model work.

Example:

▪ Marketing
▪ Engineering
▪ Managing
▪ Selling
▪ Logistics
▪ Problem Solving

Key Partners

Who are key partners in term of suppliers and

intermediaries between the firm and its end-
users? Which key resources are we acquiring
from partners? Which key activities do partners
perform?

▪ Motivations for partnerships

▪ Optimization and economy
▪ Reduction of risk and uncertainly
 ▪ Acquisition of particular resources and activities

Cost Structure

What are the most important inherent in

delivering the value proposition? Which key
resources are most expensive? Which key
capabilities are most expensive?

⮚ Is our business model more cost driven or

value driven?
⮚ Types of cost
⮚ Fixed
⮚ Variable
⮚ Does the cost structure benefit from:
● Economies of scale
● Economies of scope

Le
arning Activities

Question: Why is it important to know the 7 Elements/ Components in making Business

Canvass? Explain your answer.
Question: What is Product Life Cycle?

Question: Corporate, Business, Operation level. Why is it important in Business Strategy?

 Environmental Analysis

SWOT ANALYSIS

The micro environment relates to the

immediate periphery of an organization and directly
influences the organization on a regular basis. Hence,
it is also known as the task environment. It is important
for an organization to monitor and analyze all the
elements of its micro environment like customers,
competitors. Mostly, in the marketing environment,
micro factors do not affect all the businesses in the
industry in the same manner. The reason is that every
business is different in size, capacity, financial
resources, human resources and overall strategies.

For example, competitors affect the business

decision-making process. MacBook Pro is a well-
known brand of Apple Inc. Dell XPS 13 and HP Spectre 13 Laptops are giving Apple Inc. a
tough time and certainly affect its decision making. Apple is already introduced a functional keys
touch bar. It is possible that Apple Inc. introduces MacBook Pro with Intel Coffee Lake
Processor in mid 2018 to compete with its rivals and sustain the customer base.

Factors that Affect Business

⮚ Customers
The customers are the central part of any business as they
tend to attract and retain most of the customers to
generate revenue.

⮚ Competitors
The competitors of an organization can have a direct
impact on business strategies. The organization must
know how to do a competitive analysis of competitors and
have a competitive advantage.

⮚ Employees
Skilled employees can help an organization to achieve
organizational goals and objectives. As skilled and
experienced employees has expertise to support
organization to get success. 
 ⮚ Suppliers
Actions of a supplier can influence the business
strategy, as they provide the materials for
production.

⮚ Shareholders
Shareholders of an organization have an influence as
the company want investors to increase for this they
might make a decision to increase money by buoyant
on stock market, i.e. shifting to public from private
ownership. 

⮚ Media and Social Media

The way media acts can make or break an
organization. Organization should manage to keep a
good relationship with media as whatever it shows will
directly influence the organization business.

PESTEL ANALYSIS

An organization's macro environment consists of

nonspecific aspects in the organization's surroundings that
have the potential to affect the organization's strategies. When
compared to a firm's task environment, the impact of macro
environmental variables is less direct and the organization has
a more limited impact on these elements of the environment.
A PESTEL analysis or PESTLE analysis (formerly known as
PEST analysis) is a framework or tool used to analyzed and
monitor the macro-environmental factors that may have a
profound impact on an organization’s performance.  People
have expanded the framework with factors such as
Demographics, Intercultural, Ethical and Ecological resulting
in variants such as STEEPLED, DESTEP and SLEPIT. It
encompasses the most relevant factors in general business.
⮚ Political Factors these factors are all about how and to what degree a government
intervenes in the economy or a certain industry.
⮚ Economic factors are determinants of a certain economy’s performance. Factors include
economic growth, exchange rates, inflation rates, interest rates, disposable income of
consumers and unemployment rates.

⮚ Social Factors this dimension of the general environment represents the demographic
characteristics, norms, customs and values of the population within which the
organization operates. This inlcudes population trends such as the population growth rate,
age distribution, income distribution, career attitudes, safety emphasis, health
consciousness, lifestyle attitudes and cultural barriers.

⮚ Technological Factors these factors pertain to innovations in technology that may affect the
operations of the industry and the market favorably or unfavorably.

⮚ Environmental factors have come to the forefront only relatively recently. They have become
important due to the increasing scarcity of raw materials, pollution targets and carbon
footprint targets set by governments.

⮚ Legal Factors although these factors may have some overlap with the political factors, they
include more specific laws such as discrimination laws, antitrust laws, employment laws,
consumer protection laws, copyright and patent laws, and health and safety laws.
 Le
arning Activities

Activity 1

a) Make a SWOT analysis or a certain bank located in your place. Name the bank and
identify at least three (3) Strengths, Weaknesses, Opportunities, and Threats. 15 points.

b) Matching the SW, SO, ST, WT and OT, recommended at least four (4) strategies (10
points).
Activity 2

a) Identify PESTEL influences which could be important issues for AIRLINES in the
coming five (5) years. Specifically, the airline industry in Caraga region (10 points).

b) Recommended at least two (2) strategies. (15 points)

 As
sessment for Strategic Management-1

Comprehension of Vision and Strategies and its Relationship

An organization’s vision describes what the organization hopes to become in the future.
Well-constructed visions clearly articulate an organization’s aspirations.  Leaders need to ensure
that their organizations have three types of aims. A vision states what the organization aspires to
become in the future. A mission reflects the organization's past and present by stating why the
organization exists and what role it plays in society. It also provides long-term direction,
delineate the organizational activities to be pursued and the capabilities the organization plans to
develop, and infuse the organization with a sense of purposeful action.

4 Strategic Management Models

⮚ Environmental Scanning It is the monitoring, evaluating, and disseminating of

information from the external and internal environments to key people within the
corporation.
⮚ Strategy Formulation: the development of long-range plans for the effective management
of environmental opportunities and threats in light of organizational strengths and
weaknesses
⮚ Strategic Formulation Developing long-range plans
⮚ Evaluation and control the final stage in strategic management is strategy evaluation and
control. The fundamental strategy evaluation and control activities are: reviewing internal
and external factors that are the bases for current strategies, measuring performance, and
taking corrective actions.

Generic Strategy

The final stage in strategic management is strategy evaluation and control. The

fundamental strategy evaluation and control activities are: reviewing internal and external factors
that are the bases for current strategies, measuring performance, and taking corrective actions.
 As
sessment for Strategic Management-2

Financial Institution considering its Strategic Gap

Strategic gap analysis is a business management technique that requires an evaluation of

the difference between a business endeavor's best possible outcome and the actual outcome. It
includes recommendations on steps that can be taken to close the gap. Strategic gap
analysis aims to determine what specific steps a company can take to achieve a particular goal. A
range of factors including the time frame, management performance, and budget constraints are
looked at critically in order to identify shortcomings. A strategic gap analysis is one method that
is used to help a company or any other organization to determine whether it is getting the best
return from its resources.

Existing Business with Generic Strategies

Porter suggested four "generic" business strategies that could be adopted in order to gain
competitive advantage. The strategies relate to the extent to which the scope of a business'
activities are narrow versus broad and the extent to which a business seeks to differentiate its
products. The key strategic challenge for most businesses is to find a way of achieving
sustainable competitive advantage over the other competing products and firms in a market.
Competitive advantage is an advantage over competitors gained by offering consumers greater
value, either by means of lower prices or by providing greater benefits and service that justifies
higher prices.

Porters the Five Forces Model

Porter's Five Forces is a simple but powerful tool for understanding the competitiveness of
your business environment, and for identifying your strategy's potential profitability. This is
useful, because, when you understand the forces in your environment or industry that can affect
your profitability, you'll be able to adjust your strategy accordingly. For example, you could take
fair advantage of a strong position or improve a weak one, and avoid taking wrong steps in
future. Porter recognized that organizations likely keep a close watch on their rivals, but he
encouraged them to look beyond the actions of their competitors and examine what other factors
could impact the business environment.

⮚ Competition in the Industry

● The first of the five forces refers to the number of competitors and their ability to
undercut a company.
● As competition within the industry increases, profitability tends to decrease as businesses
are forced to spend money in order to maintain, or compete for, market share. The more
 rivalry there is among existing competitors, the less attractive the industry will be to an
investor looking to purchase a business operating within the industry.

⮚ Potential of New Entrants into an Industry

● A company's power is also affected by the force of new entrants into its market. The less
time and money it costs for a competitor to enter a company's market and be an effective
competitor, the more an established company's position could be significantly weakened.
● A high threat of new entrance can both make an industry more competitive and decrease
profit potential for existing competitors. On the other hand, a low threat of entry makes
an industry less competitive and increases profit potential for the existing firms. 

⮚ Power of Suppliers
● The next factor in the five forces model addresses how easily suppliers can drive up the
cost of inputs. It is affected by the number of suppliers of key inputs of a good or service,
how unique these inputs are, and how much it would cost a company to switch to another
supplier.
● Supplier power is the degree of control a provider of goods or services can exert on its
buyers. Supplier power is linked to the ability of suppliers to increase prices, decrease
quality, or limit the number of products they will sell.

⮚ Power of Customers
● The ability that customers have to drive prices lower or their level of power is one of the
five forces.
● Buyer power gives customers/consumers (buyers) the ability to squeeze industry margins.
It is a profitability ratio measuring revenue after covering operating and by pressuring
firms (the suppliers) to reduce prices or increase the quality of services or products
offered.

⮚ Threat of Substitutes
● The last of the five forces focuses on substitutes. Substitute goods or services that can be
used in place of a company's products or services pose a threat.
● The threat of substitutes is the availability of other products that a customer could
purchase from outside an industry. The competitive structure of an industry
is threatened when there are substitute products available that offer a reasonably close
benefits match at a competitive price.

Business Level Strategy (General types of Strategies, Cost leadership, Differentiation &
Focus).

The goal of the differentiation business level strategy is to broaden the company’s
customer base by offering unique products and services that customers are willing to pay a
premium for. The higher prices offset the increased cost of producing the unique offerings.
Companies typically differentiate themselves in one of four ways:

⮚ They offer the highest-quality products in the market.

⮚ They provide industry-leading customer service.
 ⮚ They offer products that feature unique designs that customers prefer.
⮚ They sell innovative products that are available from no other source.

Cost Leadership

⮚ By offering the lowest prices, companies can remain profitable while competitors reduce
their profit margins by cutting prices in an attempt to gain market share.
⮚ The continual emphasis on controlling costs creates a barrier for new companies
attempting to enter the market.
⮚ Maintaining the lowest operating costs in an industry allows companies to absorb price
increases by suppliers without having to pass on the added cost to customers.
⮚ Demands by powerful customers for lower prices can drive competitors out of a market
and create a monopoly for the cost leader, which reduces customer buying power.
⮚ Offering the lowest prices in the market can establish brand loyalty that prevents
substitute products from gaining a foothold in the market.

Differentiation

⮚ A company whose products or services are distinguished from those of competitors is

able to safeguard its market share by promoting brand loyalty and the uniqueness of its
offerings.
⮚ The same brand loyalty and uniqueness establish a barrier to entry for potential new
competitors.
⮚ The ability to set higher prices for products or services means companies can absorb
supplier cost increases.
⮚ The power of customers is reduced because they’re unable to find alternatives to the
company’s products or services.
⮚ Customers are less likely to switch to substitute products because of their brand loyalty
and the uniqueness of the company’s offerings.

Focused Cost and Differentiation

⮚ Choosing a hybrid business level strategy that combines focus with either cost leadership
or differentiation prevents larger companies from entering the niche market, because the
market will be too small for the big firms to capitalize on their economies of scale.
⮚ The combined strategy makes it more difficult for new competitors to take market share
because the firms must either overcome brand loyalty and uniqueness or attempt to match
prices with the cost leader.
⮚ Similarly, the higher prices that focused differentiators can offer and the higher profit
margins of focused cost leaders make these firms better able to accommodate supplier
price increases.
⮚ Brand loyalty and the lack of alternative products protect focused differentiators from
customers having the power to dictate prices, while the potential for focused cost leaders
to gain a monopoly prevents powerful customers from exerting too much influence over
prices.
 ⮚ Both focused cost leaders and focused differentiators are safeguarded from substitute
products taking market share, the former by brand loyalty resulting from their low prices
and the latter by both brand loyalty and the unique attributes of their products.

Product Innovation

Product innovation is a challenge no matter what industry you’re in. The road is fraught
with detours and roadblocks. The crash-and-burn stories are legendary. And the fear of failure
can haunt even the most intrepid of enterprises. And that’s just the development side. On the
demand side, the proliferation of more consumer choice than ever before spurred by a multitude
of digital channels is resulting in constantly changing customer expectations. This, in turn, is
fueling a demand for greater personalization or the ability to market, advertise to, and even
develop products or services that suit individual consumer preferences. When you invest in
innovation and product development, you see benefits across your entire organization impacting
everyone from executives to sales and marketing to customer service and beyond.

ASSESSMENT

I- Student will be able to describe major theories, background work, and concept and
research output in the field of strategic management.

A. Instruction: Write the following terms based on your own understanding:

1. Business Model

2. Business Model Canvass

II- Student will be demonstrate a clear understanding of the concepts, tools and
techniques used by executives in developing and executing strategies and will
appreciate its integrative and interdisciplinary nature.

A. Instruction: Construct and discuss the 7 elements/ components in making a business

model canvass. And analyze each elements/ components and explain briefly.

III- Students will be able to demonstrate effective application of concept, tools and
techniques to practical situations for diagnosing and solving organizational
problems.

A. Instruction: Select one financial institution (either a bank, cooperative, pawnshop, or

lending institution) in your locality and identify its strategic gap. Explain why you
consider it as its strategic gap.
IV- Students will be able to demonstrate capability of making their own decisions in
dynamic business landscape.

A. Instruction: Give an example of an existing business applying the following generic

strategies:
1. Cost leadership

2. Differentiation
V- Student will be able to develop their capacity to think and execute strategically.

A. Instruction: Select a company or any organization present in our locality and make your
own output applying at least 2 strategic management models learned. Identified strategies
should be the final output using the different models after analysis as your basis for
coming up with the strategy.

1. Product life cycle

2. Business model canvass

 V. SUMMARY

It is important for an organization to monitor and analyze all the elements of its micro
environment like customers, competitors. Mostly, in the marketing environment, micro factors
do not affect all the businesses in the industry in the same manner. The reason is that every
business is different in size, capacity, financial resources, human resources and overall strategies.

The key strategic challenge for most businesses is to find a way of achieving sustainable
competitive advantage over the other competing products and firms in a market. Product
innovation is a challenge no matter what industry you’re in. The road is fraught with detours and
roadblocks. The crash-and-burn stories are legendary. And the fear of failure can haunt even the
most intrepid of enterprises. And that’s just the development side.

Product innovation is a challenge no matter what industry you’re in. The road is fraught
with detours and roadblocks. The crash-and-burn stories are legendary. And the fear of failure
can haunt even the most intrepid of enterprises. And that’s just the development side. On the
demand side, the proliferation of more consumer choice than ever before spurred by a multitude
of digital channels is resulting in constantly changing customer expectations.

The key strategic challenge for most businesses is to find a way of achieving sustainable
competitive advantage over the other competing products and firms in a market. Competitive
advantage is an advantage over competitors gained by offering consumers greater value, either
by means of lower prices or by providing greater benefits and service that justifies higher prices.

REFERENCE CITED:
1. https://www.toppr.com/guides/commercial-knowledge/business-environment/elements-
of-micro-environment/
2. https://www.business-to-you.com/scanning-the-environment-pestel-analysis/ 2016.
3. Edwards, A. (2012). Mission Statements–World’s Top 10 Brands. 
4. https://www.coursehero.com/file/puol56/4-Basic-Model-of-Strategic-Management-
Strategic-management-consists-of-four/
5. Adam Hayes, January 2021.
6. https://www.mindtools.com/pages/article/newTMC_08.htm
7. Gordon Scott Investopedia Staff (2020).
8. https://www.tutor2u.net/business/reference/porters-generic-strategies-for-competitive-
advantage.
9. https://online.rider.edu/blog/business-level-strategy-guide.
10. https://www.gutcheckit.com/blog/new-product-innovation-what-it-is-why-it-matters-and-
how-to-get-it-right/.