Key Terms in Strategic Management

Key Terms in Strategic Management

 Strategists
Strategists are individuals who are most responsible for the success or failure of an organization. Strategists are
individuals who form strategies. Strategists have various job titles, such as chief executive officer, president,
and owner, chair of the board, executive director, chancellor, dean, or entrepreneur.

Vision Statements
Many organizations today develop a "vision statement" which answers the question, what do we want to
become? Developing a vision statement is often considered the first step in strategic planning

Mission Statements
Mission statements are "enduring statements of purpose that distinguish one business from other similar firms.
A mission statement identifies the scope of a firm's operations in product and market terms

External Opportunities and Threats
External opportunities and external threats refer to economic, social, cultural, demographic, environmental,
political, legal, governmental, technological, and competitive trends and events that could significantly
benefit or harm an organization in the future. Opportunities and threats are largely beyond the control of a
single organization, thus the term external