Strategic Management: Formulation and Implementation

Key Terms In Strategic Management

Strategic management, like many other subjects, has developed terminology to identify important concepts. Each of the following definitions is amplified and supplemented with additional examples in subsequent chapters.

Purpose

The organization's purpose outlines why the organization exists; it includes a description of its current and future business (Leslie W. Rue, and Loyd L. Byars) The purpose of an organization is its primary role in society, a broadly defined aim (such as manufacturing electronic equipment) that it may share with many other organizations of its type.