Mastering Strategic Management

Many entrepreneurs overlook the importance of strategic analysis because they perceive it as an additional expense, believe that their products and services are already selling well without it, or consider it only a part of their business plan.

The key concepts, principles, and practices associated with strategy formulation and implementation include understanding the nature and value of strategic management, familiarizing with the strategic management process, and recognizing the importance of entrepreneurial strategic management.

In the context of business, a strategy is a company's game plan that provides a direction for the organization to move toward and be more successful. It encompasses decisions on how, when, and where to compete, as well as against whom and for what purposes.

The challenge of innovation-based entrepreneurship is the need to come up with great ideas and then successfully commercialize those ideas to create value for users.

One key strategy of Jollibee that has contributed to its success is having an idea that provides a value proposition to its product.