chapter 4-6 Flashcards
outcomes you intend to achieve
goals
specific actions and measurable steps you need to take to achieve goals
objectives
predetermined target that a business or individual plans to achieve in a set period of time
business goals
are specific, measurable results that a companies hope to maintain as their organization grows
business objective
is what the company wants to become in the future
vision
summarize the reason for the companies existence
mission
may refer to any sets of criteria that are used to measure success of a company organization
business excellence criteria
9 business excellence criteria
leadership
policy and strategy
people
partnership and resources
processes
customer’s results
people’s results
society results
key performance results
these criteria are concerned with what an organization has achieved and is achieving
results criteria
a framework for determining the strategic path of your company
porter’s generic strategy
porter’s 3 generic strategy
cost leadership
differentiation
focus
requires the management to constantly work to minimizing cost at every level
cost leadership
an approach business develop by providing customers something unique
differentiation
simplest term means focusing on a narrow
focus strategy
strategic planning and management system used to align business activities
balanced scorecard
elements of a balanced scorecard
financial or stewardship
customer and stakeholders
internal process
organization capacity or learning and growth
7 benefits of a balanced scorecard
improve strategic planning
better execution and strategy communication
helps align initiative and project in a better way
information is handled better
performance reporting is better
organizational alignment is improved
processes are aligned better
process of turning plans into action to reach a desired outcomes
strategy implementation
3 levels of strategy
corporate level strategy
business level strategy
functional level strategy
highest point in an organization so the decision made here will ultimately inform the business main goals
corporate level strategy
how a firm creates value for defined activity on it’s market
business level strategy
department manager will need to ensure the daily operations
functional level strategy
6 core function of strategy
- strategy helps preparing an organization in the future.
- strategy helps distinguishing an organization from others
- strategy provides an organization with some stability
- strategy serves as common frame of reference
- strategy support internal and external alignment
- strategy guides organizations action
4 key features of an organizations strategy as
realistic
measurable
specific
limited
