Ch08_Keyterms - KEY TERMS CHAPTER 8 strategic management...

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strategic management What managers do to develop the organization’s strategies. strategies The decisions and actions that determine the long-run performance of an organization. business model A strategic design for how a company intends to profits from its strategies, processes, and activities. strategic management process A six-step process that encompasses strategic planning, implementation, and evaluation. mission A statement of the purpose of an organization. opportunities Positive trends in external environmental factors. threats Negative trends in external environmental factors. resources An organization’s assets that are used to develop, manufacture, and deliver products or services to its customers. capabilities An organization’s skills and abilities in doing the work activities needed in its business. core competencies The organization’s major value-creating skills and capabilities that determine its competitive weapons. strengths
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Ch08_Keyterms - KEY TERMS CHAPTER 8 strategic management...

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