Strategic Management Terms (Part 3)

A distinct business within an organization that operates independently and has its own strategic focus.

The collective skills, resources, and competencies that give an organization a competitive advantage.

A long-term investment of resources in a particular strategic direction.

The ability of a firm to outperform its rivals in the market.

The process of monitoring and adjusting an organization's strategy to ensure its effectiveness.

The process of selecting the best course of action to achieve organizational goals.

Expanding into new products, services, or markets to reduce risk and increase opportunities.

Ensuring that an organization's internal capabilities match its external environment.

The ability of an organization to adapt its strategy to changing circumstances.

The ability to anticipate and prepare for future challenges and opportunities.