# The Strategic Management Process: Achieving and Sustaining Competitive Advantage

## Introduction


### Learning Outcomes

After reading this chapter, you should be able to answer these questions:
1. What is the strategic management process?
2. What is the difference between a firm’s vision and its mission?
3. Why is strategic analysis important to strategy formulation?
4. What are strategic objectives, levels of strategy, and a grand strategy? How are they related?
5. How and why do managers plan? Why are goals important in the planning process?
6. How and why do managers evaluate the effectiveness of strategic plans?