What connects such diverse companies as Apple, IKEA, or BMW? They are all global leaders in their respective industries. They achieve this by generating competitive advantages that ensure long-term growth and provide customers with a significant added value compared to their competitors. This study examines how companies can approach the planning of their corporate strategy and what theoretical explanations exist for generating and securing long-term competitive advantages. This book first addresses the concept of strategic management. It describes the process that companies can use for strategy development and provides assistance from common management literature for each phase of the strategy process. At the center is the concept of the Balanced Scorecard.