On completion of this chapter, you will be able to:
1 Understand the importance of strategic management to a small
business.
2 Explain why and how a small business must create a competitive
advantage in the market.
3 Develop a strategic plan for a business using the nine steps in the
strategic planning process.
4 Discuss the characteristics of three basic strategies—low cost,
differentiation, and focus—and know when and how to employ them.
5 Understand the importance of controls such as the balanced scorecard
in the planning process