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Strategic Management Test 1

Terms in this set (8)

5 P's
plan, ploy, pattern, position, perspective
Strategic thinking
synthetic, divergent, creative, intuitive, innovative- role is to seek innovation and imagine new and different futures that may lead an organization to redefine its core strategies
Strategic planning
logical, systematic, conventional, prescriptive, convergent- role is to realize and support strategies developed through the strategic thinking process and integrate them into the organization
Internal environment
elements within the bounds of an organization; mission, leadership, culture, resources
Task environment
elements or groups that directly affect the organization, and in turn, are affected by it; suppliers, competitors, consumers/buyers, special interest groups
General environment
general forces that do not directly effect short-run activities but do influence long-term decisions; political, economic, social, technological, environmental, legal
Porter's 5 Forces
threat of new entry, threat of substitutes, bargaining power of buyers, bargaining power of consumers, existing competitors
VRIN
valuable, rare, difficult to imitate, nonsubstitutable
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