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Understanding Business Strategy CH 1

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
vision
contains at least two components-a mission that describes the firm’s DNA and the “picture” of the firm as it hopes to exist in a future time period
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
external environment
a set of conditions outside the firm that affect the firm’s performance
internal environment
the set of conditions (such as strengths, resources, capabilities, and so forth) inside the firm affecting the choice and use of strategies
strengths
resources and capabilities that allow the firm to complete important tasks
resources
the tangible and intangible assets held by a firm
capabilities
result when the firm integrates several different resources to complete a task or series of related tasks
core competencies
capabilities the firm emphasizes and performs especially while pursuing its vision
distinctive competencies
core competencies that differ from those held by competitors
comparative advantage
when the firm’s core competencies allow it to create value for customers by performing a key activity better than competitors or when a distinctive competence allows it to perform an activity that creates value for customers that competitors can’t perform
strategy implementation
the set of actions firms take to use a strategy after it has been selected
opportunites
conditions in the firm’s external environment that may help the firm reach it’s vision
threats
conditions in the firm’s external environment that may prevent the firm from reaching its vision
stakeholders
individuals and groups who have an interest in a firm’s performance and an ability to influence its actions
strategic leaders
the individuals practicing leadership
organizational culture
the set of value and beliefs that are shared throughout the firm

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