Glossary Terms

Alignment of a company’s resources and capabilities with its market environment.

Group of firms in an industry following the same or a similar strategy.

Execution of a plan to achieve short and long-term goals.

Time in the life of business when its fundamentals are about to change.

Company’s vision of its future.

Explicit declarations of the direction in which an organization is currently moving.

Using resources and capabilities in areas where they can add the most value.

The force that a strategic decision has in propelling the organization forward.

Changing a strategy in response to challenges and opportunities in the environment.

The failure to recognize the longer-term implications and risks of a strategic decision.