Term
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Definition
| a set of managerial decisions and actiona that determines the long run performance of a corporation. It is not limited to corporations and may be used in any situation. |
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Term
| Phases of Strategic Management |
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Definition
1. Basic Financial Planning- get info from marketing
2. Forecast-Based Planning- 3-5 yr plans & trends
3. Externally Oriented (strategic) Planning- Planning is outsourced to consultants
4. Strategic Management- Interactive across levels, all people are involved |
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Term
| Benefits of Strategic Management |
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Definition
| The attainment of an appropriate match or "fit" between an organization's environment and its strategy, structure, and processes has positive effects on the organization's performance. |
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Term
| 3 Key Strategic Questions |
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Definition
1. Where is the organization now?
2. Where will the organization be in years to come?
3. If the answers are not acceptable, what specific actions should management undertake? What are the risks and payoffs involved? |
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Term
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Definition
| the integrated internationalization of markets and corporations |
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Term
| 4 Basic Parts of Strategic Management |
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Definition
1. Envirnonmental Scanning
2. Strategy Formulation
3. Strategy Implementation
4. Evaluation and Control |
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Term
| Environmental sustainability |
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Definition
| refers to the use of business practices to reduce a company's impact upon the natural, physical environment. |
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Term
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Definition
the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation
SWOT Analysis
External: Opporunities & Threats
Internal: Strengths & Weaknesses |
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Term
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Definition
the development of long-range plans for the effective management of environmental opportunities and threats, in light of corporate strengths and weaknesses
-mission
-objectives
-developing strategies
-and setting policy guidelines |
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Term
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Definition
| The purpose or reason for the corporation's existence. It may be narrow or broad in scopre. |
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Term
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Definition
| The end results of planned activity. They state WHAT is to be accomplished by WHEN. They should be quantified, if possible. |
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Term
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Definition
| describes what the organization would like to become |
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Term
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Definition
| a comprehensive master plan that states how the corporation will achieve its mission and objectives |
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Term
| 3 Levels (types) of strategy |
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Definition
1. Corporate
2. Business
3. Functional |
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Term
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Definition
| A corporation's overall direction and the management of its businesses |
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Term
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Definition
| Emphasizes improvement of the competitive position of a corporation's products or units |
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Term
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Definition
| Focuses on maximization of resource productivity |
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Term
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Definition
| Part of Strategy Formulation, broad guidelines for making decisions, and links strategy formulation with implementation |
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Term
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Definition
| The process of putting strategies and policies into action through the development of programs, budgets, and procedures |
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Term
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Definition
| A statement of activities or steps needed to accomplish a single use plan |
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Term
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Definition
| A statement of a corporation's program in dollar terms |
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Term
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Definition
| a system of sequential steps or techniques that describe in detail how to perform a particular job |
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Term
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Definition
| The process of monitoring corporate activities and performance results so that actual performance can be compared with desired performance |
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Term
| Strategic Change- Triggering Events |
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Definition
- New CEO
- External Intervention
- Threat of change in ownership
- Performance gap |
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Term
| Strategic Management Model |
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Definition
I. Environmental Scanning
a. External: Opportunities & Threats
b. Internal: Strengths & Weaknesses
II. Strategy Formulation
a. Mission: reason for exisitence
b. Objectives: goals
c. Strategies: How to achieve goals and mission
d. Policies: guidelines for desicion making
III. Strategy Implementation
a. Programs: activities needed to accomplish plans
b. Budgets: Cost of the programs
IV. Evaluation & Control
a. Performances: process to monitor performance and take corrective action
_Continuous Feedback__ |
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Term
| Strategic Decision Making Process |
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Definition
1. Evaluate current performance results- profit, mission, objectives, etc...
2. Review corporate governance- that is, the performance of the firm's board of directors and top management
3. Scan and assess the external environment to determine the strategic factors that pose Opportunities and Threats
4. Scan and assess the internal corporate env. to determine the strategic factors that are Strengths and WEaknesses
5. Analyze strategic (SWOT) factors to ID problem areas and revise mission etc...
6. Generate, evaluate, and select the best alternative strategy in lifht of the analysis of step 5
7. Implement selected strategies via programs , budgets, and procedures
8. Evaluate implemented strategies via feedback systems, and the control of activities to ensure their min deviation from plans. |
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Term
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Definition
| provides a checklist of questions, by area or issue, that enables a systematic analysis to be made of various corporate functions and activities |
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