6: Strategic Plan for Competitive Environment Flashcards
It moves a business forward to the intended destination and evolves in response to the changing circumstances
Strategy
Must be supported by sufficient revenue to cover cost and earn a profit
Strategy
An organizational management activity that is used to self priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results and assess and adjust the organizations.
Strategic Planning
7 Benefits of Strategic planning
● Clearly defines the purpose of an organization or individual
● Establishes realistic goals and objectives
● Communicates to all affected
● Gains by-in and ownership
● Blueprints the use of resources
● Creates measurement and evaluation
● Focuses efforts and results
6 Elements of a Strategic Plan
Vision Mission Core Values SWOT Analysis Strategic Objectives SMART Goals
SMART action plans to accomplish the objectives
Specific Measurable Attainable Realistic Timely (Timebound)
the stated, measurable target of how to achieve goals of the business
Strategic Objectives
Used to evaluate business environment, competitive situation of an organization or even a problem
SWOT Analysis
SWOT
Strength
Weaknesses
Opportunities
Threats
Characteristics of a business which gives it advantages over competitors
Strengths
Characteristics of a business which make disadvantageous relative to competitors
Weaknesses
Elements in a company’s external environment that allow it to formulate and implement strategies to increase profitability
Opportunities
Elements in the external environment that could endanger the integrity and profitability of the business
Threats
The essence that the company values are beliefs, philosophies. and principles that drive the business and helps ensure that all employees are working towards the same goal
Core Values
Describes the organization’s purpose and overall intention
Mission Statement
