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    Strategic management involves key terms like competitive advantage, strategists, vision and mission statements, strengths and weaknesses, opportunities and threats, objectives, strategies, and policies. Competitive advantage refers to what a firm does better than rivals to achieve long term success. Strategists such as CEOs are responsible for organizational success or failure. A vision statement answers what an organization wants to become, while a mission statement identifies its scope. External opportunities and threats as well as internal strengths and weaknesses must be considered in strategic planning. Long term objectives and annual objectives along with strategies and policies are essential for organizational success.

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    Strategic management involves key terms like competitive advantage, strategists, vision and mission statements, strengths and weaknesses, opportunities and threats, objectives, strategies, and policies. Competitive advantage refers to what a firm does better than rivals to achieve long term success. Strategists such as CEOs are responsible for organizational success or failure. A vision statement answers what an organization wants to become, while a mission statement identifies its scope. External opportunities and threats as well as internal strengths and weaknesses must be considered in strategic planning. Long term objectives and annual objectives along with strategies and policies are essential for organizational success.

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    235 views1 page

    Key Terms in Strategic Management

    Uploaded by

    Kumar
    Strategic management involves key terms like competitive advantage, strategists, vision and mission statements, strengths and weaknesses, opportunities and threats, objectives, strategies, and policies. Competitive advantage refers to what a firm does better than rivals to achieve long term success. Strategists such as CEOs are responsible for organizational success or failure. A vision statement answers what an organization wants to become, while a mission statement identifies its scope. External opportunities and threats as well as internal strengths and weaknesses must be considered in strategic planning. Long term objectives and annual objectives along with strategies and policies are essential for organizational success.

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    MANAGEMENT: Key Terms in Strategic Management

    Key Terms in Strategic Management

    1. Competitive Advantage
    Anything that a firm does especially well compared to rival firms.
    Getting and keeping competitive advantage is essential for the long
    term success in an organization.
    A firm must strive for sustained competitive advantage.
    2. Strategists
    Strategists are individuals who are most responsible for the success
    and failure of an organization.
    Strategists have various job titles such as CEO, President, Owner,
    Chair of the board, Executive Director, Chancellor, Dean, Entrepreneur.
    3. Vision statement
    Answers the question what do we want to become
    It is the first step in strategic Management.
    Many vision statements are single statements
    Our vision is to take care of your vision
    4. Mission Statements
    Are enduring statements of purpose that distinguish one business firm
    from other similar firms.
    A mission statement identifies the scope of a firms operations.
    5. External Opportunities and Threats
    Are factors which could harm or benefit the organization.
    Comprise of the following:
    Economic
    Social
    Political
    Technological
    Cultural
    Demographic Environment
    6. Internal Strengths and Weaknesses
    Controllable activities that are performed especially well or poorly.
    Relate to functional area
    Marketing
    Management
    Finance/Accounting
    Production/Operations
    Strengths and weaknesses are determined relative competitors.
    Relative deficiency or superiority is important information
    7. Long Term Objectives
    Objectives can be defined as specific results that an organization seeks
    to achieve.
    Long term means more than five years.
    Objectives are essential for organizational success
    8. Strategies
    Are the means by which long term objectives will be achieved.
    Levels of Strategies
    a. Corporate Strategy
    b. Business Strategy
    c. Functional strategy
    d. Operational Strategy
    9. Annual Objectives
    Annual objectives are short term milestones that organizations must
    achieve to reach long term objectives.
    Annual objectives should be stated in terms of management,
    marketing, finance/accounting, production/operations, research and
    development and MIS accomplishment.
    10. Policies
    Policies are the means by which annual objectives will be achieved.
    Policies include guidelines, rules, and procedures established to
    support efforts to achieve stated goals.

    http://management4best.blogspot.in/2010/03/key-terms-in-strategic-management.html

    27-12-2015

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