List four financial and four nonfinancial benefits of a firm engaging in strategic planning.
Answer to relevant QuestionsWhy is it that a firm can sustain a competitive advantage normally for only a limited period of time? Why do many firms move too hastily from vision/mission development to devising alternative strategies? Compare and contrast vision statements with mission statements in terms of composition and importance. List seven characteristics of a mission statement. Drucker says that the most important time to seriously reexamine the firm’s vision/mission is when the firm is very successful. What is this?
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