Strategic Management 001 Flashcards

Terms Definitions
Strategic Management
A set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company's objective
First Critical Task
Formulate the company's mission, including broad statements about its purpose, philosophy, and goals.
Second Critical Task
Conduct an analysis that reflects the company's internal conditions and capabilities.
Third Critical Task
Assess the company's external environment, including both the competitive and the general contextual factors.
Fourth Critical Task
Analyse the company's options by matching its resources with the external environment.
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