- Develop the vision statement, the mission statement, and the business model
- Describe the industry and context for the firm and its competitors
- Determine the firm’s strengths and weaknesses in the context of the industry and environment
- Describe the firm’s core competencies, its customers, and its competitive advantage
- Describe the opportunities and threats for the venture
- Identify the critical success factors
- Formulate strategic options and select the appropriate strategy
- Translate the strategy into action plans with suitable measures and controls
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