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It involves defining a clear company mission, setting supporting objectives, designing a sound business portfolio, and coordinating functional strategies (Armstrong, Gary, Kotler, Philip, 2003).
Lessons learned
Environmental Scanning
Identifying the factors that characterize a company's strategic situation is the basis for the strategy process. These factors can be classified as strengths, weaknesses, opportunities, and threats. Analyzing these factors using various tools enables a manager to formulate strategies more effectively (University of Phoenix, 2007).
In this simulation, one determines a long-term objective for a bicycle manufacturing company on the basis of internal and external information...
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