
Long questions with answers for this topic
Strategy is a long-term plan of action designed to achieve organisational objectives and gain competitive advantage.
A vision statement expresses the organisation’s future aspiration—what it wants to become in the long run.
A mission statement describes the organisation’s purpose—what it does, for whom it does it, and why it exists.
SWOT analysis is a tool to analyse internal strengths and weaknesses and external opportunities and threats for strategic planning.
Business-level strategy is a level of strategy that focuses on how to compete in a particular market (e.g., cost leadership or differentiation).
Strategic management provides long-term direction and helps the organisation adapt to changes in competition, technology and customer needs.
Vision, mission and objectives differ as follows:
Thus, vision gives direction, mission states purpose, and objectives provide measurable targets.
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