strategic management reviewer Flashcards
A continuous process of strategy creation with a primary objectives of achieving & maintaining better alignment of corporate policies, priorities, & success.
Strategic management
Methodical study of variables that exist in both internal and external environments.
Strategic analysis
Deliberately bringing together the right resources for the right market at the right time.
Strategic decision-making
Developing or designing strategies on the business and corporate levels.
Strategy formulation
Employing the crafted strategies to achieve organizational goals and objectives.
Strategy implementation
The application of an appropriate monitoring and feedback system.
Strategic control
The capability of an organization to possess relevant and related knowledge, abilities, foresight, and systems thinking.
Strategic Intelligence
The cognitive process of competently and analytically weighing factors and arriving at critical decisions in the context for the current milieu of which an organization is part.
Strategic thinking
The ability of an organization to produce a particular good or service at lower marginal and opportunity costs than its competitors.
Comparative advantage
The ability of any business or company to utilize its resources optimally and sustainably for the maximum performance and productivity.
Organizational competitiveness
The accomplishment of a high level of productivity that is characterized by efficiency in the context of lean and quantifiable management.
Strategic performance
It is a generic approach.
Strategic management
A distinct and focused approach.
Strategic planning
It is defined as a continuous, repetitive, and competitive process of setting the goals and objectives that an organization aims to attain, defining the means to achieve them, and assessing the best way to realize them in the context of the prevailing environment.
Strategic planning
Types of strategic plans:
- Medium/long range plan
- Annual/yearly plan
It describes the major factors or forces that affect the organization’s long-term objectives, strategies, and resources required.
Medium/long range plan
Describes the organization’s present situation, its goals and objectives, strategies, monitoring mechanisms, and the budget for the year ahead.
Annual/yearly plan
An inspirational statement of what The organization hopes to achieve at some point in the future. It is the image of what an organization desires to achieve.
Organizational vision
Defines the current purpose of an organization, and answers what the organization does, for whom it is done, and how it does what it does.
Mission statement
Provide organizations focus and directions.
Goals
Move organizations to action. Because it have to be attained, organizations are motivated to function and perform toward their vision.
Goals
Develop in organizations the trait of persistence.
Goals
Need to be clearly defined and formulated, carefully chosen, specific, and definite.
Objectives
Immediate or short-term
Objectives