chapter 5 Flashcards
Strategic management process (9)
- setting goals and objectives
- analysis of the current situation
- SWOT
- strategy design and choice of best strategy
- implement plan design
- strategy implementation
- monitoring of environment and performance results
- analysis
- adjustment
fit
expresses the degree to which an organization is matching its resources and capabilities with the opportunities in the external environment.
*** figure out what you are good at and what the market is demanding
core competencies
are a company’s skills, capabilities and knowledge assets that are necessary to compete in its markets. they may be competences that the company currently has or one that it will need to obtain
***find out what you are really good at!
DIFFERENTIATION
Strategic business units
a business, department, organization or possibly even a product line within the larger organization that has separate goals and objectives.
business portfolio
collection of SBU’s that serve various needs in the corporate structure
balanced scorecard
it focuses on the goals of the organization and quantifies these into specific performance targets, how do we need to look to our shareholders? consumers? ect.
balance scorecard focuses on 4 divisions
finance perspective, customer perspective, internal processes, organizational strategy
mission:
contextual definition of what the organization is and what it expects to accomplish
CBA: foster academic excellence, career success, community engagement through enriching and interactive experiences
goals
usually the first quantification of a business mission statement.
ex: highly effective and innovating teaching employing relevant curriculum
objectives
specific measureable expressions of the stated goals with specific targets and periods
ex: CBA
- written communication
- oral communication
- global environment of business
- critical thinking
- social responsibility
- competency in major
strategies
the determination of goals or objectives and the general means of reaching them
ex: curriculum design, handshake program, undergrad research
tactics
implementation of the strategic plan
ex: course level assignments, guest speakers, internships
ORDER OF chapter 5
mission–goals–objectives–strategies–tactics
core products
products based on core competencies
situation analysis models
WOT, competitor analysis, PESTLE analysis, porters 5 forces
