Unit 2 Section C Flashcards
(25 cards)
strategic planning
The process of defining a business’s strategy and making decisions on resource allocation. The process of formulating, implementing, and evaluating decisions that enable an organization to achieve its goals.
internal
Relating to or occurring within a particular organization, system, or body. Pertaining to the inside or inner aspects of an entity.
external
Relating to or located on the outside or outer aspects of something. Pertaining to the outside or external aspects of an entity or system.
objectives
Specific goals or aims that a person or organization seeks to achieve. Targets or measurable outcomes that an organization or individual plans to accomplish.
strengths
Positive attributes, qualities, or resources of an individual or organization that provide an advantage. Attributes or aspects that enhance an organization’s performance and competitiveness.
weaknesses
Limitations or areas where an organization or individual is at a disadvantage. Internal factors that hinder progress or put an organization at a competitive disadvantage.
opportunities
Favorable external conditions or circumstances that can be used to an advantage. External factors or trends that an organization can take advantage of to improve its position.
threats
Potential external risks or challenges that could negatively impact an organization. External factors that could harm or hinder an organization’s performance or success.
performance
The ability to perform or carry out tasks and responsibilities. The level at which an individual, team, or organization achieves its objectives.
unique resources
Exclusive assets, capabilities, or skills that an organization has at its disposal. Resources that are rare or distinct and not easily replicated by competitors.
workforce
The employees or labor force engaged in a particular industry or company. The group of workers employed by an organization or available for work in a particular area.
brand recognition
The degree to which consumers can identify a brand by its attributes or visual elements. The ability of a company’s brand to be easily identified by the public.
operational efficiencies
The effectiveness of processes or activities in producing desired outcomes with minimal waste or cost. The ability of an organization to perform tasks and activities with minimal resource consumption.
customer relations
The management of interactions and relationships between a business and its customers. The practice of managing and improving a company’s interactions with its customers.
financial resources
The monetary assets or capital available to an organization for use in operations. The funds or economic means a company has access to for its activities.
expertise
Specialized knowledge or skill in a particular area. A high level of knowledge or skill in a specific field.
customer service
The support or assistance provided to customers before, during, and after purchasing a product or service. The help and support provided to clients or customers to ensure satisfaction.
operations
The activities involved in the functioning of a business or organization. The day-to-day activities that keep a business running, such as production, delivery, and management.
resources
The assets, materials, or skills that an organization uses to achieve its goals. The various assets, such as capital, labor, and technology, used by a company for operations.
sustainability
The ability to maintain or support a process over the long term, often in an environmentally responsible way. The capacity to endure and thrive while minimizing environmental and social harm.
framework
An essential structure or system that provides support or guidance in organizing and understanding concepts or tasks. It is a structured outline or system that is used to guide decisions or actions in an organized way. In business, it often refers to a system of tools or strategies designed to address specific issues or objectives.
TOWS matrix
A strategic planning tool used to develop actionable strategies by matching the internal factors (strengths and weaknesses) with the external factors (opportunities and threats). This tool is a variant of the SWOT analysis. It helps businesses formulate strategies by combining their internal strengths and weaknesses with external opportunities and threats, leading to effective action plans for growth and improvement.
minimize
To reduce something to the smallest possible amount or degree. It is to make something as small, insignificant, or less severe as possible. In the context of business strategy, it often refers to reducing risks, costs, or inefficiencies.
synergies
The interaction of two or more elements (such as businesses, resources, or ideas that produce a combined effect greater than the sum of their separate effects. These are the beneficial effects that occur when different components or entities work together. In business, it often refers to collaboration between departments or companies that leads to improved results, efficiency, or innovation.
