considers three linked and interdep

considers three linked and interdependent levels of strategy consisting of corporate, business and functional strategies.
The dynamic SME's strategic management as an extension of the basic strategic management model, introduces a customer value-based model of strategic management which consists of four stages - awareness: understanding the strategic situation; strategy formulation: preparing suitable strategies; strategy implementation: making the determined chosen strategies happen and finally, control and development, which involves evaluation of the results and action learning reflectively for the purpose of the future development of strategic management capability. Awareness is identifying an organisation's external opportunities and threats in relation to its internal strengths and weaknesses. Strategy formulation includes developing a business mission, deciding both short and long term objectives and prioritising strategies to pursue. Strategy implementation seeks to create the right circumstances within organisations so that formulated strategies can be executed. Implementation of strategy is achieved by developing a strategy supportive culture, creating an effective organisational structure and motivating individuals to learn new ways of contributing to improved performance. Finally, strategy control and development not only devises the systems and measures for control, it also extends the responsibilities of the management to become learning strategists in order to improve the capability of firm's strategic decision-making.
Discussion questions
1. What is the meaning of strategy? Compare at least two definitions of strategy.
2. What are different approaches to strategy in management? Explain Whittington's approaches to strategy.
3. What are the differences between the classical, evolutionär)-, processual and systemic approaches to strategy? Which approach focuses on profit maximisation?
4. How does strategic management typically evolve in a small business?
5. What are the basic strategic management process components in a small business?
6. Explain briefly awareness, strategy formulation, implementation, and control and development in SMEs.