MAN 4720 Final Exam Questions & Correct Answers | Latest Update |Already Graded A+

Strategic Management : the ongoing process companies use to form a vision, analyze their external environment and their internal organization, and select one or more strategies to use to create value for customers and other stakeholders, especially shareholders Vision : contains at least two components - a mission that describes the firm's DNA and the "picture" of the firm, as it hopes to exist in a future time period Strategy : an action plan designed to move an organization toward achievement of its vision Mission : Defines the firm's core intent and the business or businesses in which intends to compete External Environment 2 | P a g e : a set of conditions outside the firm that affect the firms performance Internal Organization : the set of conditions (such as strengths, resources, capabilities, and so forth) inside the firm that affect the choice and use of strategies Strengths : resources and capabilties that allow the firm to complete important tasks resources : the tangible and intangible assets held by the firm capabilities : result when the firm integrates several different resources in a way that allows it to effectively and efficiently complete a task or a series of related tasks core competencies : capabilities the firm emph