Define and Briefly Explain What Is Meant by Each of the Following

question 28

Essay

Define and briefly explain what is meant by each of the following terms. a) strategic vision
b) stretch objectives
c) strategic objective
d) balanced scorecard
e) strategic intent

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Definitions:

Sole Proprietor

An individual who owns and operates a business alone, bearing all the responsibilities and benefits of the business.

Short Run

A timeline in economics where at least one factor of production is fixed, constraining the ability to adjust to changing economic conditions.

Long Run

In economics, a period of time in which all factors of production and costs are variable and can be adjusted.

New Entrants

Businesses or individuals that recently entered a market or industry, bringing new competition and potentially disrupting existing dynamics.