BCOR 2304 Final EXAM WITH 100% QUALITY SOLUTIONS 2023

strategy a set of goal-oriented actions a firm takes to gain and sustain superior performance relative to competitors strategic management combines analysis, formulation, and implementation in finding competitive advantage mastry= view organization as a whole competitive parity two or more firms perform at the same level strategic positioning position in industry that allows firms to provide value to customers, while controlling costs mission reason for existence, what an organization does vision statement of some desired future state values a statement of key values that an organization is committed to AFI strategy framework 1) Analyze: vision, mission, and values 2)formulate: corporate strategy, business strategy, or functional strategy 3)implement: structure, culture, and control; corporate governance and business ethics what AFI does -explains and predicts differences in firm performance -helps managers create and implement a strategy that can result in superior performance and competitive advantage top-down strategic planning a rational, data-driven strategy process though which top management attempts to program future success scenario planning strategy planning activity which top management envisions different what-if scenarios to anticipate plausible futures in order to derive strategic responses black swan events incidents that describe highly improbably but high-impact events intended strategy the outcome of a rational and structured top-down strategic plan emergent strategy any unplanned strategic initiative bubbling up from the bottom of the organization -adapting the strategy/original plan to changing market conditions -ex//: Nyquil, Sybase