This work discusses developments in the area of strategic management, such as employee empowerment, team and process organization, delayering and flattening organizational structure, and unhealthy corporate cultures. There are explanations of how and why a company's strategy can be partly planned and partly reactive, and the concept of a strategy-making pyramid is introduced. Topics covered include: roles of core competencies and organization capabilities in creating customer value; value-chain analysis; overall low-cost leadership; focused low-cost leadership; broad differentiation; focused differentiation; and being the best-cost producer.