Internationalization of markets and corporations
Global ( worldwide) markets rather than national markets

Use of the internet to conduct business transactions

Forcing company transformation

Market access & branding changing -- disintermediation of traditional distribution channels

Balance of power shift to consumer

Competition changing

Pace of business increasing

Internet purchasing beyond traditional boundaries

Knowledge key asset -- source of competitive advantage

Set of managerial decisions and actions that determines the long-run performance of a firm

Basic financial planning

Forecast based planing

Externally oriented planning

Strategic management

Clearer sense of strategic vision

Sharper focus on strategic importance

Improved understanding of changing environment

Environmental scanning

Strategy formulation

Strategy implementation