planning and strategic management Flashcards
developing an organizational strategy
identify goals, vision, mission and strategies
swot analysis
formulate strategies
implement strategies
evaluate results
vision statement
long-term, idealistic state of the future that doesn’t exist yet
mission
how the company chooses to pursue its vision
organizational goal
what fulfilling this vision looks like
swot internal analysis
resources
capabilities
core competencies
strengths and weaknesses
swot external analysis
opportunities and threats
corporate strategy
growth (vertical, horizontal, concentration and diversification)
stability
renewal (retrenchment or turnaround)
business strategy
competitive strategies
functional strategy
achieve corporate and business unit objectives and strategies by maximizing resource productivity
planning process
vision, mission and goals
strategies and business model
goals and objectives
plans
what is planning
how to get done what you want done
vision, goals, strategy and plans to achieve objectives
why do we plan
provide direction
reduce uncertainty
reduce overlap and waste
enables control
approaches to planning
forecasting
contingency planning
scenario planning
benchmarking
process planning
limits of planning
rigidity
can’t replace intuition and creativity
short-sighted
reuse the same plans
require some level of certainty
goals setting
top-down and assigned to levels
