A Plan
Ex. 1.5 Strategic Management Model
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Components of the Strategic Management Model
Company Mission
External Analysis
Long-Term Objectives
Short-Term Objectives
Policies Empowering Action
Strategic Control & Continuous Improvement
Internal Analysis
Strategic Analysis & Choice
Generic & Grand Strategies
Action Plans & Functional Tactics
Restructuring, Reengineering & Refocusing
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Strategic Management Terms Defined
Company Mission: The unique purpose that sets a company apart from others of its type and identifies the scope of its operations.
Long-term Objectives: The results than an organization seeks to achieve over a multiyear period.
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Strategic Management Terms Defined
Generic Strategies: Fundamental philosophical options for the design of strategies.
Grand Strategies: The means by which objectives are achieved.
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Strategic Management Terms Defined
Short-term Objectives: Desired results that provide specific guidance for action during a period of one year or less.
Functional Tactics: Short-term, narrow scoped plans that detail the “means” or activities that a company will use to achieve short-term objectives.
Policies: Predetermined decisions that substitute for managerial discretion in repetitive decision making.
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Strategic Management Terms Defined
Strategic Control: Tracking a strategy as it is being implemented, detecting problems or changes in its underlying premises, and making necessary adjustments.
Continuous Improvement: A form of strategic control in which managers are encouraged to be proactive in improving all operations of the firm.
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Stakeholders
Influential people who are vitally interested in the actions of the business
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Multimedia Lecture Support Package to Accompany Basic Marketing
Lecture Script 6-7