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6 Cards in this Set

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  • Back
Strategy
An action plan designed to move an organization toward achievement of its vision
Mission
Defines the firm's core intent and the business or businesses in which it intends to operate
Vision
Contains at least two components-a mission that describes the firm's DNA and th "picture" of the firm as it hopes to exist in a future time period
Strategic Management
The ongoing process companies use to form a vision, analyze their external environment and their internal environment, and select one or more strategies to use to create value for customers and other stakeholders, especially shareholders
External Environment
A set of conditions outside the firm that affect the firms performance
Internal Environment
the set of conditions(such as strengths, resources, and capabilities, and so forth) inside the firm affecting the choice and use of strategies