Chapter 2 Corporate Strategy, Performance, and Sustainability I. Corporate Strategy Development a. Strategy: a description of how a company intends to compete, or provide value to its customers, both now and into the future. i. “Who are we now?” ii. “What do we want to be?” b. Strategic planning: The process of determining a firm’s long-term goals, plans, and policies i i. The firm’s vision or mission statement provides direction for its strategic plan 1. mission statement:A statement that provides direction for the firm’s strategic plan. c. Strategy Choi