Strategic Planning Flashcards
Primary Stakeholders
- People who directly use or pay for goods/services
- People who have an economic interest in organization
Secondary Stakeholders
- People who impact the organization through ways other than monetary
How are shareholders prioritized
Based on how we Influence shareholders
Based on the Importance of shareholders
Elements of Strategic Plans
- Vision, Mission, Values
- Analysis (Scan and Interpret)
- Goals
- Objectives
- Implementation
- Monitoring
Vision
- Definition
What do we want to achieve
Mission
- Definition
Defines the organization
Value Statement
- Definition
What is important to use
Value Statement
- Who creates these
Primary Key Stakeholders
Analysis
- Definition
SWOT
- Strength (Internal)
- Weakness (Internal)
- Opportunities (External)
- Threats (External)
Scan and Interpret
- Definition
Where can we get the information we need
Internal:
- Managers (Meetings)
- Patients (Surveys)
External:
- Leads, Managers
- Patients, Competitors
Competitive Strategies
- Definition
How companies differentiate themself
- Usually select one of these plans as to not spread ourselves too thin
Competitive Strategies
- Kinds of
Cost Leaders
Differentiation
Focus
Cost Leaders
Provides low cost to consumers
- Best prices compared to competitors
End product or service must be of sufficient value to customer (or significantly discounted)
Differentiation
Is unique in an area important to the consumer
- Higher costs for a specialized service
Has to be able to justify the higher costs to the consumer
Focus
Chooses a specific segment of the consumer population and focuses on that particular market
- Adapts services to match that specific population
Can be cost or differentiation focused
Goals
- Definition
Long term actions needed to achieve our mission
- Broad
- Strategic
- Critical
Objectives
- Definition
SMART
- Specific
- Measurable
- Assignable
- Realistic
- Time-Related
Implementation
- Definition
What actions do we have to take to achieve our objective
- Assign resources
- Assign accountabilities
Monitoring
- Definition
Measures Critical Success Factors
- Money
- People
- Time
