Basic Planning Levels of Planning Strategic Management Business Strategy Models 10pt 10 pt 10 pt 10pt 10 pt 20 pt 20 pt 20pt 20pt 20 pt 30 pt 30 pt 30 pt 30 pt 30 pt 40 pt 40 pt 40pt 40 pt 40pt 50pt 50 pt 50 pt 50 pt 50 pt
A target or end that management wants to reach
What is a goal?
Alternative goals & plans, Situational analysis, Alternative goals & plans, Goal & plan evaluation, Goal & plan selection, Implementation, and Monitor & control
What is the 6-step planning process?
managers intend to use to achieve organizational goals Actions or means managers intend to use to achieve organizational goals
What are plans?
A particular set of future conditions used in planning
What is a scenario?
Specific, measurable, attainable, relevant, and time-bound
What are SMART goals?
A pattern of actions and resource allocation designed to achieve the goals of the organization
What is a strategy?
The process of identifying the specific procedures and processes required at lower levels of the organization
What is operational planning?
The middle level of planning
What is tactical?
Goals at different levels are consistent, mutually supportive, and focused in a common organizational direction
What is aligned?
The highest level of organizational planning
What is a strategic?
Clear and concise statement of the basic purpose of an organization
What is mission?
favorite place and way to eat To be our customers’ favorite place and way to eat
What is McDonald’s mission?
Vision
What is the long-term direction and strategic intent of an organization?
Groups and individuals who affect and are affected by the organization
What are stakeholders?
Includes both tangible and intangible assets
What are resources?
turn planes around faster Southwest Airlines studying NASCAR to be able to turn planes around faster
What is an example of benchmarking?
Something a business does well relative to its competitors
What is a core competency?
Of concentration, complex, concentric diversification, and conglomerate diversification, the one that is not a corporate strategy.
What is complex?
Of “low-cost” and “differentiation” business strategies, the one that Porsche Motors uses
What is differentiation?
Functional strategies
What is breaking down each functional area’s strategy to support the overall business strategy?
An approach focusing on Financial, Customer, Internal, And Learning & Growth areas
What is a Balanced Scorecard?
SWOT Analysis
What are strengths, weaknesses, Opportunities, and threats?
This model has stars, question marks, cash cows, and dogs
Consulting Group matrix? What is the Boston Consulting Group matrix?
A map that graphically depicts an organization’s strategic and operational goals
What is a strategy map?
For an organization to be competitive, these should be Valuable, rare, difficult to imitate, and organized
What are resources?