MAN 4720 Final Exam Questions & Verified Solutions.

MAN 4720 Final Exam Questions & Verified Solutions. 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 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