: What Is Strategy and Why Is It Important, Charting a Company’s Direction: Vision and Mission, Objectives, and Strategy, Setting targets, and selecting a strategy capable of achieving those objectives; considers the roles and responsibilities of the company’s board of directors in the strategy-making and –execution process, Evaluating a Company’s External Environment, Evaluating a Company’s Resources and Capabilities, The Five Generic Competitive Strategies, Strengthening a Company’s Competitive Position, Managing Internal Operations: Actions that Promote Good Strategic Execution, Five managerial approaches that can be used to help facilitate the success of a company’s strategy execution effort.