Question: Define briefly each concept, and provide an example for each. Strategic Management Competitive advantage Strategy Formulation Strategy Implementation Retrenchment Diversification Mission Statement Vision Statement External

Define briefly each concept, and provide an example for each.

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

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