Domain 3: Strategic Planning Flashcards
A method for balance strategic and financial management measurements including financial, customers, internal process and learning and growth perspective.
Balanced Scorecard
A model to analyze an organizations effort for continuously improving their system. Specifically concentrates on the following elements: customer- requirements-process-inputs-supplier
CROPIS ANALYSIS
Lists products and services, target customers, and markets and has a more immediate business focus with a time horizon.
Mission Statement
Engaging the services of third party service providers.
Outsourcing
It provides analysis of five competitive forces: new entrants, suppliers, buyers, (customers), substitutes, competitors.
Porter’s Five Forces Model
What are the four phase of product life cycle
Introduction, Growth, Maturity, and Decline
Organizational goals designed for completion or re-evaluation within 2 to 5 years.
Strategic (long term) Objectives
A tool for developing strategies around an organizations strengths, weakness, opportunities, threats
SWOT
Organization goals designed for completion with one year or one budget year cycle.
Tactical Objectives
It is what the organization strives to be in the future.
Vision statement
The process to establish, implement, correct, and continuously improve a corporate strategic plan
Strategic Plan
Tools and techniques used to implement strategy and the efforts needed to quickly respond to special events that occur before the formal planning process recycles.
Strategic Management
Developing and improving an in depth knowledge of the organization and the competitive environment that the organization operates.
Organizational Systems Analysis
A method for balance strategic and financial management measurements including financial, customers, internal process and learning and growth perspective.
Balanced Scorecard
A model to analyze an organizations effort for continuously improving their system. Specifically concentrates on the following elements: customer- requirements-process-inputs-supplier
CROPIS ANALYSIS
Lists products and services, target customers, and markets and has a more immediate business focus with a time horizon.
Mission Statement
Engaging the services of third party service providers.
Outsourcing
It provides analysis of five competitive forces: new entrants, suppliers, buyers, (customers), substitutes, competitors.
Porter’s Five Forces Model
What are the four phase of product life cycle
Introduction, Growth, Maturity, and Decline
Organizational goals designed for completion or re-evaluation within 2 to 5 years.
Strategic (long term) Objectives
A tool for developing strategies around an organizations strengths, weakness, opportunities, threats
SWOT
Organization goals designed for completion with one year or one budget year cycle.
Tactical Objectives
It is what the organization strives to be in the future.
Vision statement
The process to establish, implement, correct, and continuously improve a corporate strategic plan
Strategic Plan
Tools and techniques used to implement strategy and the efforts needed to quickly respond to special events that occur before the formal planning process recycles.
Strategic Management
Developing and improving an in depth knowledge of the organization and the competitive environment that the organization operates.
Organizational Systems Analysis
What is the first phase of strategic planning process?
Analysis of the Organization
All strategic planning models follow common steps. What is the simplest potrayal of these steps?
Plan, Do , Check, Act by Deming
What are included in the analytical first phase in most strategic planning?
It includes writing a vision and mission statement, describing the borders of the firm from customer to supplier, determining the internal strengths and weaknesses of the firm, forecasting the external threats and opportunities of the firm, and establishing a list of assumptions and constraints to be used in formulating objectives and strategies.
State the activity in the second phase of strategic planning models?
Establishing long term goals and short term objectives associated with them.
What is the common planning horizon for long term objectives?
5 years
What is the third phase of startegic planning?
Development of strategy to accomplish the objective.
What is the fourth phase of startegic planning?
Day to day work in implementing the strategy (usually known as strategic management or project management)
What is the fifth phase of startegic planning?
Creation or improvement of the measurement, evaluation, and control of implementating strategies
What is the sixth phase of startegic planning?
Adjusting performance and organizational behavior based upon measurement, evaluation and recycling the planning process
What are listed in a mission statements?
Products and services, target consumers, and markets.
What is a vision statement?
It is what an organization strives to be in the future. It should capture the hearts, minds and long term direction of all organizational members.
What is SIPOC or CROPIS Analysis?
It a tool in analyzing the component parts of the organization. The components include: Customers, Requirements, Outputs, Process, Inputs, and Suppliers
What are the common question during SIPOC/CROPIS Analysis?
What are the components? ; What was done in the past in this component that has met or exceeded customer expectations?; What are the actions to be done to improve the response to customer expectation?; How do we know new actions will be better than current actions? What data supports our changing the methods?
What are the benefits of SWOT Analysis?
First use to understand the enviroment to prepare for planning and then as a tool to assist in strategy formulation.
What are the two steps in SWOT Analysis and the result of each?
Internal analysis yields the Strength and Weaknesses of the organization while the external analysis results to the Opportunities and Threats
What is the difference between Planning Assumptions and Planning Constraints and give example?
Planning Assumption are probability estimates of future constraints (e.g. estimate of future economic environment), while planning constraints are facts currently impacting the organization (e.g. Marginal Acceptable Rate of Return (MARR))
What is BCG Matrix Analysis?
A model used as a pre planning and strategy formation. X-axis: Market Share; Y-axis: Sales Growth Rate
What are the four quadrants of BCG Matrix?
Cash Cow, Stars, Question Marks or Wild Card, and Dogs
Under this quadrant of the BCG Matrixthe organization has a competitive advantage and Why?
Stars. High growth; high market share
In Cash Cow, what could be the reason of the high market share of the company though little growth?
The organization could be receiving funding that can be used for investing in Stars and Wild cards.
In what quadrant of the BCG Matrix wherein there is a low growth and low market share for an organization?
Dogs
In BCG Matrix, why is Wild Cards or Question Mark quadrant considered as high risk area?
There is a potential that it can move to either a Star or Dogs
In what phase of the product life cycle the organization must find a market where buyers are willing to take a chance?
Embryonic or Introductory
In this product phase, design is the most marketable feature.
Embryonic or Introductory
Compare Risk and Profit between Introductory, Growth and Maturity in the product life cycle Model?
Introduction: Risk=High; Profit= Low / Growth: Risk=Low; Profit=High/ Maturity: Risk=Cyclical
In this product phase, products have significant competition from both domestic and foreign companies and price is the key issue?
Maturity
In order to extend the product life cycle, the organization should perform what?
Research and Development for both product and process
