In effect, this is an organization's meaningful and enduring reason to exist that aligns with long-term financial performance, providing a clear context for daily decision making, and unifies and motivates relevant stakeholders.

This is a business management strategy, focusing on the analysis and design of workflows and business processes within an organization. It is aimed to help organizations fundamentally rethink how they do their work in order to improve processors and become world-class.

Restructuring is when a company makes significant changes to its financial or operational structure, typically while under financial duress. Companies may also restructure when preparing for a sale, buyout, merger, change in overall goals, or transfer of ownership.

Change management is a systematic approach to dealing with the transition or transformation of an organization's goals, processes or technologies. The purpose of change management is to implement strategies for effecting change, controlling change and helping people to adapt to change.

Business transformation is a change management strategy which can be defined as any shift, realignment or fundamental change in business operations. The aim is to make changes to processes, people or systems (technology) to better align the company with its business strategy.

Reinvention is about creating a new solution to a problem by matching existing technologies to current and emerging consumer behaviors. Innovation must become continuous and engage employees as well as customers.

Product re-engineering is all about modifying an existing product. It is about fixing its bugs and flaws, adding new features along with ensuring lowered down-times. Reverse engineering is one method which very commonly used in Product re-engineering.

A key performance indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving key business objectives. Organizations use KPIs to evaluate success at reaching targets. KPI, is a metric used to determine the effectiveness of tactics performed over time.