Mission Statement for Success

Mission Statement

Definition Mission statement is a description of what an organization actually does – what its business is – and why it does it.[1] See also: Purpose Statement What is a Mission Statement Often called the “credo”, “philosophy”, “core values” or “our aspirations”, organization’s mission is … Read more

Vision Statement

Business vision

Definition Vision statement expresses organization’s ultimate objectives. What is a Vision Statement It is very important for any organization to have a clear and attainable long-term vision. This statement guides every chief executive, manager or employee in achieving the same organizational objective. A vision statement … Read more

Vertical Integration

Vertical Integration

Definition Vertical integration is a strategy used by a company to gain control over its suppliers or distributors in order to increase the firm’s power in the marketplace, reduce transaction costs and secure supplies or distribution channels. Forward integration is a strategy where a firm … Read more

Horizontal Integration

Horizontal Integration

Definition Horizontal integration is the process of acquiring or merging with competitors, leading to industry consolidation. Horizontal integration is a strategy where a company acquires, mergers or takes over another company in the same industry value chain. What is horizontal integration? It is a type … Read more

Competitive Advantage Explained in Depth

Competitive Advantage

Definition Competitive advantage means superior performance relative to other competitors in the same industry or superior performance relative to the industry average.[1] What is competitive advantage? There is no one answer about what is competitive advantage or one way to measure it, and for the … Read more

Resource-Based View

Resource-Based View

Definition The resource-based view (RBV) is a model that sees resources as key to superior firm performance. If a resource exhibits VRIO attributes, the resource enables the firm to gain and sustain a competitive advantage.[1] What is a resource-based view? RBV is an approach to … Read more

Strategic Management & Strategic Planning Process Explained

Definition Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage.[1] Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, … Read more

Strategic Management & Strategic Planning Explained

Definition Strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives.[1] What is strategic management? Various definitions are used to describe the subject, but few give a full and easy … Read more