chapter 1 Flashcards
is basically a matching process involving an organization’s internal resources and its external opportunities
Strategic Planning Process
The contexts in which strategic decisions are made are:
(1) the operating environment;
(2) the vision and mission; and
(3) the organization-wide objectives
The plan must be something you can hold in your hand, a
written product
If the plan is not in writing, it is simply
daydreaming
This question focuses on the ultimate aim of the organization.
What is our vision?
This question focuses attention on the specific needs the organization will try to meet.
What will we do?
This question addresses the need for an organization to identify the various groups whose needs will be met
Who will we do it for?
Answering this question forces thinking about the many avenues through which an organization’s efforts may be channeled
How will we do what we want to do?
Without a strategic plan, organizations can develop
because their focus in on the short-term and they fail to consider the long-term direction of their organization
Organizational Myopia
is part of the overall strategic management process and results in a strategic plan
Strategic planning
is the process of developing and implementing strategic plans, plus evaluating the plans’ success in reaching organizational objectives
Strategic management
Steps of the strategic management process, the first step is
to define the vision and mission for the organization as a whole
second step
Analyzing the Environment- build on strengths and eliminating weaknesses
must be clear, concise, written statements outlining what is to be accomplished in key result areas within a certain time period
objectives
third step
Establishing Objectives-
Often the words “key results,” “goals,” and “targets” are used synonymously with _______
objectives
Step 4:
Developing Strategy
First, strategy alternatives must be developed
before an overall strategy can be designed
strategy becomes the link between
objectives and results
Step 5: stage is the “action” or “doing” stage. Here an organization hires, fires, builds, advertises, and so on
creating operational plans
Step 6:
Implementing Evaluation and Control Procedures. Failure to establish procedures to appraise and control the strategic plan can lead to less than optimal performance
may be defined as persons or groups that have, or claim, ownership, rights, or interests in a corporation and its activities, past, present, or future
stakeholder
identifies stakeholder groups, their relationship to the organization and the concerns both the organization and the stakeholder group has about their relationship
stakeholder analysis
Here, we wish to emphasize the ongoing action aspect of the planning process which is sometime referred to as the
planning cycle or strategic management cycle
The application of ethics to business takes place at three levels:
the individual
the organization
the social/political environment
“intentional actions taken by managers to benefit stakeholders of the company and/or actions taken to avoid harmful consequences for corporate stakeholders and the larger society“
CSR
developed an international guidance for corporate social responsibility
The International Standards Organization (ISO)
adopting and implementing business strategies that meet the firm’s needs and those of its stakeholders today, while at the same time, protecting and sustaining the natural and human resources that will be needed for future generations
Sustainability
