COMM 200 Chapter Notes - Chapter 6: Pest Analysis, Monopolistic Competition, Swot Analysis
24 Dec 2016
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Long-term success of an organization is predicted on two fundamental principles: strategic plan. = the ability to define and create a strategic direction for the organization: execute core tactical initiatives. 6 core elements for assessing business strategy: purpose. = the mission of the organization and the vision its managers and owner(s) have for the business. A mission statement refers to the fundamental purpose the business has identified as being its predominant reason for existence. A vision statement is a forward-thinking statement that defines what a company wants to become and where it is going: markets. = the specific markets or market segments the business sees itself competing in: products and services. = a review of the current products and services offered by a business, as well as potential new products/services that are to be added to the products portfolio: resources. = the allocation of the business"s resources in support of its strategic decisions: business system configuration.
