Page 7 - 5.2 i. Manac Finance ITC Summarised Notes
P. 7
STRATEGY AND GOVERNANCE
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Important Terminology
• Strategy
• the plan of action to achieve the entity’s long-term goals (how the
entity will use its resources and capabilities to achieve its goals and
meet shareholder needs, interest and expectations).
• Strategic analysis
• formulation of a mission and vision, setting goals and objectives,
and analysing the internal and external environment.
• Once a strategic analysis has been completed and the
strategy is outlined, it tells stakeholders exactly how the
entity intends to fulfil its mission and achieve its vision.
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