sees them as a source of opportunity); and tries to pre-empt (or to manage) these situations by the use of avoidance or stabilizing mechanisms and methodologies. Value chain - a series or chain of interrelated activities specified to produce an output or outcome, across which decisions must be made, resources will be consumed, costs will be accumulated, and outcome value generated. The effectiveness with which the value chain and its connecting linkages are established and managed will variously be indicated by output or outcome measures of value added, competitive advantage, customer or client satisfaction, improvement in the relevant performance indicator, margin, or profit/contribution earned (etc). The value chain concept was first described by Porter. Value chains may be “integrated” or “de-integrated”. Value generation - indicates the level of value generated or value added by the chosen use of the enterprise’s resource base. Values -derive from prevailing ethical or philosophical principles. They are moral principles, ideologies, or core beliefs. Enterprise values may act as a driving or motivating force that underpin the organization’s choice of strategies and activities. Values create or give rise to required expectations and standards of behaviour within the enterprise. In particular they shape attitudes as to what things should be done, and how those things should be done. Vertical integration - is a diversification strategy in which the enterprise diversifies “backwards” or “downstream” through its value chain into supply or manufacturing operations associated with its existing activities. It may instead diversify “forwards” or “upstream” through its value chain into further processing or distribution of its products, or into service activities associated therewith. Or it may integrate in both a backwards and a forwards direction at the same time. Vision - may be defined as an organized perception or phenomenon. It represents an imagined or perceived pattern of communal possibility to which others can be drawn into long-term commitment, given the necessary enthusiasm and inspiration on the part of the leader who is promulgating that vision. Vision acts as a “glue” which holds together sets of value judgements and ideologies within the value system of the enterprise. It provides a focus, framework and direction for the future development of the organization and its strategy. What business we are in - the enterprise needs to base its strategic decision-making on a clear and accepted understanding of what business it is in. Levitt suggests that this understanding must primarily be based on the

DOI link for sees them as a source of opportunity); and tries to pre-empt (or to manage) these situations by the use of avoidance or stabilizing mechanisms and methodologies. Value chain - a series or chain of interrelated activities specified to produce an output or outcome, across which decisions must be made, resources will be consumed, costs will be accumulated, and outcome value generated. The effectiveness with which the value chain and its connecting linkages are established and managed will variously be indicated by output or outcome measures of value added, competitive advantage, customer or client satisfaction, improvement in the relevant performance indicator, margin, or profit/contribution earned (etc). The value chain concept was first described by Porter. Value chains may be “integrated” or “de-integrated”. Value generation - indicates the level of value generated or value added by the chosen use of the enterprise’s resource base. Values -derive from prevailing ethical or philosophical principles. They are moral principles, ideologies, or core beliefs. Enterprise values may act as a driving or motivating force that underpin the organization’s choice of strategies and activities. Values create or give rise to required expectations and standards of behaviour within the enterprise. In particular they shape attitudes as to what things should be done, and how those things should be done. Vertical integration - is a diversification strategy in which the enterprise diversifies “backwards” or “downstream” through its value chain into supply or manufacturing operations associated with its existing activities. It may instead diversify “forwards” or “upstream” through its value chain into further processing or distribution of its products, or into service activities associated therewith. Or it may integrate in both a backwards and a forwards direction at the same time. Vision - may be defined as an organized perception or phenomenon. It represents an imagined or perceived pattern of communal possibility to which others can be drawn into long-term commitment, given the necessary enthusiasm and inspiration on the part of the leader who is promulgating that vision. Vision acts as a “glue” which holds together sets of value judgements and ideologies within the value system of the enterprise. It provides a focus, framework and direction for the future development of the organization and its strategy. What business we are in - the enterprise needs to base its strategic decision-making on a clear and accepted understanding of what business it is in. Levitt suggests that this understanding must primarily be based on the

sees them as a source of opportunity); and tries to pre-empt (or to manage) these situations by the use of avoidance or stabilizing mechanisms and methodologies. Value chain - a series or chain of interrelated activities specified to produce an output or outcome, across which decisions must be made, resources will be consumed, costs will be accumulated, and outcome value generated. The effectiveness with which the value chain and its connecting linkages are established and managed will variously be indicated by output or outcome measures of value added, competitive advantage, customer or client satisfaction, improvement in the relevant performance indicator, margin, or profit/contribution earned (etc). The value chain concept was first described by Porter. Value chains may be “integrated” or “de-integrated”. Value generation - indicates the level of value generated or value added by the chosen use of the enterprise’s resource base. Values -derive from prevailing ethical or philosophical principles. They are moral principles, ideologies, or core beliefs. Enterprise values may act as a driving or motivating force that underpin the organization’s choice of strategies and activities. Values create or give rise to required expectations and standards of behaviour within the enterprise. In particular they shape attitudes as to what things should be done, and how those things should be done. Vertical integration - is a diversification strategy in which the enterprise diversifies “backwards” or “downstream” through its value chain into supply or manufacturing operations associated with its existing activities. It may instead diversify “forwards” or “upstream” through its value chain into further processing or distribution of its products, or into service activities associated therewith. Or it may integrate in both a backwards and a forwards direction at the same time. Vision - may be defined as an organized perception or phenomenon. It represents an imagined or perceived pattern of communal possibility to which others can be drawn into long-term commitment, given the necessary enthusiasm and inspiration on the part of the leader who is promulgating that vision. Vision acts as a “glue” which holds together sets of value judgements and ideologies within the value system of the enterprise. It provides a focus, framework and direction for the future development of the organization and its strategy. What business we are in - the enterprise needs to base its strategic decision-making on a clear and accepted understanding of what business it is in. Levitt suggests that this understanding must primarily be based on the book