MGMT 411 Study Guide - Quiz Guide: Switching Barriers, Price Ceiling, Market Power
2 Oct 2016
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A sequential set of analyses and choices that can increase the likelihood that a firm will choose a good strategy o. A firm"s long-term purpose - defines what a firm aspires to be in the long run and what it wants to avoid in the meantime. Visionary firm: firms whose mission is central to all they do. Mission statements may not affect, improve, or hurt a firm"s performance. Missions by themselves do not necessarily lead a firm to choose and implement strategies the generate competitive advantages. Objectives: specific measurable targets a firm can use to evaluate the extent to which it"s realizing its mission. High quality objectives are tightly connected to elements of a firm"s mission and are relatively easy to measure and track over time. One indication that a firm is not serious about realizing parts of its mission statement is when there are no objectives, or only low-quality objectives. o.
