Question: Define and give an example for each. The more you explain and give examples; the more points you get point. Strategic Management Competitive advantage Strategy

Define and give an example for each. The more you explain and give examples; the more points you get point.

Strategic Management

Competitive advantage

Strategy Formulation

Strategy Implementation

Retrenchment

Diversification

Mission Statement

Vision Statement

External Threats

Policy versus strategy

Stakeholders

Mission Statement Components

Industrial Organization view

Environmental Scanning

External Audit

Economic Forces

Michael Porter

Social,- Cultural forces

Demographic Forces

Natural Environmental Forces

Porter's Five Forces of Analysis (describe the model and explain each force).

Resource Similarity

Market Commonality

Bargaining power of consumers

Bargaining power of suppliers

Potential development of substituteproducts

Barriers to entry

Backward integration

Forward integration

Vertical Integration

HHI Index

Market Share

Rivalry among competing firms

Market Concentration (C3 or C4)

political, governmental, and legal forces

technological forces

competitive forces

Competitive intelligence

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