includes both the corporation's mission and vision by stating what the company is now and what it wants to become.
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The corporate mission
• The purpose or reason for the corporation's existence.
• Strategic decisions are rare: Strategic decisions are unusual and typically
have no precedent to follow;
consequential: Strategic decisions commit
substantial resources and demand a great deal of commitment;
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• Strategic management
• Strategic management is that set of managerial decisions and actions that determines the long-run performance of a corporation. It includes environmental scanning, strategy formulation, strategy implementation, and evaluation and control.
directive: Strategic decisions set precedents for
lesser decisions and future actions throughout the organization.