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Related Flashcards
Cards In This Set
| Front | Back |
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Statement explaining why a company exists
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Mission
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Provides context for all decisions whitin the organization
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Mission
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Useful for internal and external audiences
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Mission
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Crystalization of what leaders wnat firm to be
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Vision
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Guides development of strategy and organization
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Vision
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Mostly internal use with the exception of slogan
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Vision
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How to beat present and potential competitors
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Strategic plan
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Lists set of actions to provide products or services that create more value than their cost
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Strategic plan
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Constatnlys changes in response to customer experience, trial & error
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Strategic plan
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For internal use only
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Strategic plan
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The study of why some firms outperform others
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Strategic management
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Alternative views of 'outperform others'
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Economic value model, other than wealther creation, stakeholder surplus model
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Strategy objective is to maximize shareholder wealth
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Economic value model
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Objective that are used as surrogates for evertual wealth or the fulfillment of a mission
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Other than wealth creation
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Defines beneficiary group and maximizes wealth for total group
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Stakeholder surplus model
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