Lesson 15_Strategy and Strategic Management
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7 Terms
the strategic management process
is mission then objectives then both internal and external analysis, then strategic choice , strategy implementation and finally competitive advantage
External and Internal Analysis
is a firm that identifies the critical threats and opportunities in its competitive environment”
examples of internal analysis
human resources , manufacturing abilities, technology
examples of external analysis
economic climate , demographics, social trends and technology
Competitive advantage
the ability to create more economic value than rival firms
Examples of competitive advantage
intellectual property , brand recognition , distribution advantages legal advantages
what is the difference between a firms vision and a mission
a firms vision answers the question on why do we exist/purpose while the mission fulfills the purpose by identifying its goals audience by implementing small action steps to achieve it
Note 
Flashcards (39)