Week 3 - Planning and Strategy Flashcards
What is a mission statement?
A unique declaration of the basic purpose and scope of the organisation.
What is a single-use plan?
Plans that are developed to achieve a set of goals that are unlikely to be repeated in future.
What are the sub-units of a single-use plan?
program, projects, and budget
What is a standing plan?
Ongoing plans used to provide guidance for tasks performed repeatedly within the organisation.
What are the sub-units of a standing plan?
policy, standard procedures, rules
What is strategic thinking?
Taking a long-term view and seeing the big picture.
What is competitive advantage?
Operating in a successful way that is difficult for competitors to imitate.
What is sustainable competitive advantage?
Consistently dealing with market and environmental forces better than competitors.
What are the 4 elements of competitive advantage?
Target customers, achieve synergy, create value, exploit core competence
What is strategic intent?
Focusing all organisational resources and energies on unifying and compelling goals.
What does the SWOT analysis stand for?
strengths, weaknesses, opportunities, threats
