Section 1 Lesson 1 Flashcards
Basics of strategic planning (18 cards)
What is Strategic planning
Procedures organizations use in making decisions about long-term goals
What is the managerial level, level of detail and time horizon of a strategic planner
Top, Low, Long (3-5 years)
What is the managerial level, level of detail and time horizon of a tactical planner?
Middle, medium, medium (1-2 years)
What is the managerial level, level of detail and time horizon of operational planners?
Frontline, high, short (<1 year)
What is the basic planning process?
Situational analysis, alternative goals and plans, goal and plan evaluation, goal and plan selection, implementing and monitor and control.
What is strategic management?
The process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies.
What is SWOT analysis?
When you evaluate strengths and weaknesses and opportunities and threats for your company.
What is a vison?
What a company is doing, how are we going to achieve out end goal.
What is a mission?
Basic purpose, what are you going to do to reaching your vision?
What are goals?
Specific actions what assist us in achieving our vision and mission.
What is a low-cost business strategy?
Goal is to be a low-price leader and provide products or services in the most efficient way.
What is a differentiation business plan?
A goal that strives to make a company unique.
What are core competencies?
A unique combination of skills, knowledge and resources that an organization possesses.
What is benchmarking?
Assessing another companies basic functions and skills to find out what works for them to help your company succeed.
What is a generic value chain?
The sequence of activities that flow from raw materials to the delivery of a good or service.
Examples of macroenvironment
economy, technology, legal and regulations, demographics, social issues, natural ecology.
Examples of competitive environment
rivals, suppliers, buyers, new entrants, substitutes and complements.
Examples of internal environments
culture, values, climate
