Mission - ANS -The first step of the strategic management process, a firm describes
what they aspire to be in the long run and what to avoid in the meantime,
Mission Statement - ANS -a statement of the organization's purpose - what it wants to
accomplish in the larger environment
Visionary Firms - ANS -firms whose mission is central to all they do and have enjoyed
long periods of high performance
The General Statements about Missions - ANS -1. Missions can have no impact on
performance
2. Missions can greatly improve performance
3. Missions can negatively impact performance
Objectives - ANS -specific measurable targets a firm can use to evaluate the extent to
which it is realizing its mission.
External Analysis - ANS -a firm identifies the critical threats and opportunities in its
competitive environment. It also examines how competition in this environment is likely
to evolve and what implications that evolution has for the threats and opportunities a
firm is facing.
, Internal Analysis - ANS -helps a firm identify its organizational strengths and
weaknesses.
Strategic Choice - ANS -Armed with a mission, objectives, and completed external and
internal analyses, a firm is ready to make its strategic choices. That is, a firm is ready to
choose its theory of how to gain competitive advantage.
Business-level strategies - ANS -actions firms take to gain competitive advantages in a
single market or industry
Corporate Level Strategies - ANS -actions firms take to gain competitive advantages by
operating in multiple markets or industries simultaneously
strategy Implementation - ANS -occurs when a firm adopts organizational policies and
practices that are consistent with its strategy.
Competitive Advantage - ANS -Occurs when a firm is able to produce more economic
value than it's rivals.
Economic Value - ANS -the difference between the perceived benefits gained by a
customer that purchases a firm's products or services and the full economic cost of
these products or services
Temporary Competitive Advantage - ANS -a competitive advantage that lasts for a very
short period of time
Sustained Competitive Advantage - ANS -A competitive advantage that will endure
over time.
competitive parity - ANS -a firm's achievement of similarity, or being "on par," with
competitors with respect to low cost, differentiation, or other strategic product
characteristic.
Competitive Disadvantage - ANS -under performance relative to other competitors in
the same industry or the industry average
Accounting Performance - ANS -is a measure of its competitive advantage calculated
by using information from a firm's published profit and loss and balance sheet
statements.
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