FOREWORD

Strategic management is a powerful tool that enables companies to adapt and thrive in an increasingly complex and competitive ecosystem. Firms use strategic management to identify growth opportunities, develop plans to exploit them, and mitigate risks while responding effectively to a constantly evolving business environment.

Fundamentals of Strategic Management by José Emilio Navas López and Luis Ángel Guerras Martín is essential reading for those inquiring minds interested in strategic management and business success. Practitioners and students alike will benefit hugely from the insights and tools presented in this book, which will help them to design and implement effective business strategies and compete successfully in the marketplace.

The authors are two highly regarded scholars in strategic management with extensive academic experience in both teaching and research. Their practical and theoretical approach enables readers, ranging from students to seasoned practitioners, to understand how to develop and implement effective business strategies.

The book provides a comprehensive view of strategic management, covering all the discipline’s key aspects, from strategy formulation to implementation and evaluation, making it an indispensable resource for anyone seeking to understand and apply current concepts and practices in this field.

The authors adopt a hands-on, educational approach, using examples, real-world case studies, educational videos, and strategic tales to illustrate key concepts and practices in strategic management. Moreover, they provide a wide range of valuable tools and techniques to help readers craft and implement effective business strategies.

The content is straightforward and readily applicable in practice, providing a sound and constructive guide for identifying and exploiting market opportunities, competing effectively, and developing sustainable advantages over time. These capabilities are essential for any organisation seeking to succeed in today's increasingly complex and competitive business landscape.

The book is structured into an introduction and three main parts, addressing a comprehensive array of topics ranging from the conceptualisation of strategy to its implementation and control. The introduction lays the foundations for strategic management by defining the concept of strategy and explaining both the strategic management process and the field’s evolution as an academic discipline.

In the first part, the authors analyse the business environment and the external factors that influence strategic decisions. Readers are introduced to key topics such as PESTEL and SWOT analysis, industry and competitor analysis, the value chain, and strategic profiling, among others.

The second part focuses on the various levels of strategy formulation. It discusses competitive advantage, and development directions and methods, with particular emphasis on internationalisation. The authors explain cost leadership, differentiation, and focus strategies, together with their respective advantages and disadvantages.

In the third part, the focus shifts to the evaluation and implementation of the business strategy as crucial aspects of its success. Topics such as leadership, corporate culture, and change management are explored in relation to strategy implementation. The authors also address organisational alignment and strategic control, highlighting the importance of performance metrics, strategic adaptation, and the assessment of a strategy’s overall effectiveness.

For students in both Spain and Latin America, this book serves as a comprehensive and accessible introduction to strategic management, a core subject in any business education programme. The authors provide a clear conceptual framework and a practical approach to help students grasp the importance of strategic management in business success. The examples and case studies are particularly relevant to Spanish-speaking countries, helping students to apply the concepts in familiar business contexts.

In short, Fundamentals of Strategic Management is an essential book for anyone interested in strategic management and business success. Professors Navas and Guerras have drawn on their academic and research expertise to provide a holistic and timely appreciation of the state-of-the-art of strategic management concepts and practices. Their practical and didactic approach, combined with a wealth of valuable tools and techniques, makes this book a must-read for both business students and experienced practitioners. Success in today’s business world necessarily calls for a profound understanding of strategic management, and this book is the perfect tool for doing so.