Chap1and2PP - Figure 2.1: The Five Tasks of Strategic...

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1 Figure 2.1: The Five Tasks of Strategic Management Craft a Strategy to Achieve Objectives and Vision Setting Objectives Develop a Strategic Vision (and Mission) Implement and Execute Strategy Revise as Needed Revise as Needed Revise as Needed Revise as Needed Revise as Needed Task 1 Task 2 Task 3 Task 4 Task 5 Monitor, Evaluate, and Take Corrective Actions
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2 Task 1: Strategic Vision Purpose Strategic Vision vs. Mission Statement Importance Communicating the Vision
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3 Task 2: Setting Objectives Purpose Objectives vs. Goals Strategic vs. Financial Short-term and Long-term Balanced Scorecard Strategic Intent Importance
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4 Task 3: Crafting a Strategy Purpose What is Strategy? 5 Definitions of Strategy Importance What to Look for?
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5 Figure 1.1: Identifying a Company’s Strategy -- What to Look For Pattern of Actions That Define Strategy Actions to strengthen resources & capabilities Actions to diversify Actions to outcompete rivals Responses to changing external circumstances Actions to alter geographic
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Chap1and2PP - Figure 2.1: The Five Tasks of Strategic...

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