The focus and title of this assignment report is: 'The importance and value of strategy for organisations, and the process of strategic management to formulate business strategy' question 1) Define and explain strategy, its purpose and the components of the strategic management process. 2) Explain what types of organisations might benefit from conducting the strategic management process, and why. Explain the differences between the l/O and RBV models in guiding what an organisation should do to earn aboveaverage returns. 3) Discuss the relationship between strategy, vision- mission and the stakeholders of the organisation. ' Identify the input information necessary for conducting strategic analyses and explain the types and purpose of such analyses. 4) Explain the significance of understanding the internal organisation in context of its general and industry environments. 5) Discuss the value of conducting strategic analysis towards formulating the strategic intent and action of the organisation, embodied in the generic business strategy of the organisation