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Strategic Management Final Exam With Complete Solutions And Correct Answers Latest Version
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Strategic Management Final Exam With Complete Solutions And Correct Answers Latest Version
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Strategic Management Final Exam WithComplete Solutions And Correct Answers
Latest Version
Strategy
the ideas, decisions, and actions that enable a firm to succeed
Strategic Management
the analyses, decisions, and actions an organization undertakes in order to create and sustain
competitive advantages
Strategy Analysis
study of firms' external and internal environments, and their fit with organizational vision and goals
Strategy Formulation
decisions made by firms regarding investments, commitments, and other aspects of operations that
create and sustain competitive advantage
2024
,Strategy Implementation
actions made by firms that carry out the formulated strategy, including strategic controls, organizational
design, and leadership
Stakeholder
an individual or group, inside or outside the company, that has a stake in and can influence an
organization's performance
Organizational Vision
organizational goal(s) that evoke(s) powerful and compelling mental images
Mission Statement
a set of organizational goals that include both the purpose of the organization, the basis of its
competitive advantage
Environmental Scanning
2024
, surveillance of a firm's external environment to predict environmental changes and detect changes
already under way
General Environment
factors external to an industry, and usually beyond a firm's control, that affect a firm's strategy
Porter's Five Forces Model of Industry Competition
a tool for examining the industry-level competitive environment, especially the ability of firms in that
industry to set prices and minimize costs
Bargaining Power of Buyers
the threat that buyers may force down prices, bargain for higher quality or more services, and play
competitors against each other
Bargaining Power of Suppliers
the threat that suppliers may raise prices or reduce the quality of purchased goods and services
2024
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