BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mission
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Vision
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Stakeholders
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Strategic Leaders
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Detailed explanation-1: -Flowing from the vision, the mission specifies the business or businesses in which the firm intends to compete and the customers it intends to serve. Vision and mission provide direction to the firm and signal important descriptive information to stakeholders.
Detailed explanation-2: -A mission specifies the business(es) in which the firm intends to compete and the customers it intends to serve.
Detailed explanation-3: -The competitive analysis is a statement of the business strategy and how it relates to the competition.
Detailed explanation-4: -A competitive advantage is what sets a business apart from its competitors. It is essential in order for a business to succeed, whether it’s by ensuring higher margins, attracting more customers, or achieving greater brand loyalty among existing customers.