Strategy Flashcards
It is the reason an organization exists, and is expressed in its mission statement.
Mission
Serves as basis for organizational goals.
Mission Statement
Plans for achieving organizational goals.
A business’s overall game plan for reaching prospective consumers and turning them into customers of their product.
Strategy
An approach to the management of an organization’s resources in order to achieve its goals and objectives.
Strategic Management
4 Components of Strategic Management
1.Strategic Planning
2.Strategy Formulation
3.Strategy Implementation
4.Strategy Evaluation Control
is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization’s direction in response to a changing environment.
Strategic Planning
is the process of using available knowledge to document the intended direction of a business and the actionable steps to reach its goals.
Strategy Formulation
the process of turning your strategic plan into action.
Strategy Implementation
is the process of determining the effectiveness of a given strategy in achieving the organizational objectives and taking corrective actions whenever required.
Strategy Evaluation Control
Overall strategies for the entire organization that align with its goals and mission.
Organizational Strategies
Department- specific strategies (e.g., marketing, finance) that support the overall organizational strategy.
Functional Strategies
• are methods or actions to implement strategies.
• More specific than strategies, focused on ‘how’ to reach strategic goals.
• They guide daily operations and decision-making.
Tactics
• The “doing” part, the actual implementation of the tactics which pertains to the executed daily actions.
Operations
Organizational Strategy
Different Types
• Low cost: Outsource for cost reduction.
• Scale-based: Achieve economies of scale.
• Specialization: Focus on quality by narrowing the product/service line.
• Newness: Emphasize innovation and new products.
• Flexibility: Quick response and customization.
• High quality: Surpass competitors in quality.
• Service: Prioritize customer service and reliability.
• Sustainability: Focus on eco-friendly practices.
• Refers to the special attributes or abilities possessed by an organization that give it a competitive edge.
• Focus on customer needs and competitors’ actions.
Core Competencies
