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Define Each of the Following Terms: Vision, Mission, Strategy, and Tactics.What

question 26

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Define each of the following terms: vision, mission, strategy, and tactics.What is the relationship among them in relation to a firm's strategic planning process?


Definitions:

Net Income

The net income of a firm after deducting all expenses and taxes from its gross revenue.

Cash Payback Period

A rephrased term for Payback Period, this is the duration required for an investment to generate cash flows that cover its initial expense.

Present Value Factor

A calculation used in determining the present value of a sum of money to be received in the future by considering a specified rate of interest.

Average Rate of Return

A financial ratio that indicates the profitability of an investment by calculating the average annual profits divided by the initial investment cost.

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