STRATEGIC MANAGEMENT - CHAPTER 5

can be defined as a sentence describing a company's function, markets and competitive advantages.

• Mission

• Vision

• Mission Statement

It is a short written statement of your business goals and philosophies.

• Mission

• Vision

• Mission Statement

It defines what an organization is, why it exists and its reason for being.

• Mission

• Vision

• Mission Statement

It should define who are the primary customers of the company, identify the products and services it produces, and describe the geographical location in which it operates

• Mission

• Vision

• Mission Statement

An indispensable component of the mission statement is specification of the firm’s basic product or service, markets and technology.

• Products or Services, Markets and Technology

• Survival, Growth and Profitability

• Company Philosophy

• Company Self-concept

A firm that is unable to survive will be incapable of satisfying the aims of any of its stakeholders.

• Products or Services, Markets and Technology

• Survival, Growth and Profitability

• Company Philosophy

• Company Self-concept

Profitability - is the mainstay goal of a business organization, and profit over the long term is the clearest indication of a firm’s ability to satisfy the claims and desires of all stakeholders.

• Products or Services, Markets and Technology

• Survival, Growth and Profitability

• Company Philosophy

• Company Self-concept

A firm’s growth is inextricably linked to its survival and profitability.

• Products or Services, Markets and Technology

• Survival, Growth and Profitability

• Company Philosophy

• Company Self-concept

generally appears within the mission statement.

• Public Image

• Concern for Employees

• Company Philosophy

• Company Self-concept

also called company creed.

• Public Image

• Concern for Employees

• Statement of a Company's Philosophy

• Company Self-concept