Page 11 - PowerPoint Presentation
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STRATEGY AND GOVERNANCE
Strategy development
• Strategy involves outlining of long-term activities to
achieve the purpose set out in the mission statement
and ultimately moving towards realising the vision.
• The choice of activities is important because it should
provide a competitive advantage and thus, be
sufficiently different from that of competitors.
• The formulation of strategy involves both conceptual
and analytical thought processes. Furthermore, it
should display thorough knowledge of the operating
environment of the entity.
• Stakeholders are those persons and entities that are
affected by the activities of the entity and therefore,
have an interest in the strategy of an entity.
• Stakeholders can influence the choice of strategy and
its successful implementation.
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