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Balanced Scorecard (BSC)

A strategic management tool that measures organizational performance from multiple perspectives: financial, customer, internal processes, and learning and growth.

Barriers to Entry

Factors that make it difficult for new competitors to enter an industry or market.

Business-Level Plan

A plan that outlines how a specific business unit or division will compete in its market and achieve its objectives.

Business-Level Strategy

A strategy that focuses on how a business unit will compete in a particular industry or market segment.

Corporate-Level Plan

A plan that outlines the overall direction and scope of the entire organization and how it will create value across different business units.

Corporate-Level Strategy

The overall strategy of a corporation that guides decisions on business portfolio, acquisitions, and diversification.

Cost-Leadership Strategy

A strategy aimed at achieving the lowest cost of production in an industry, allowing a company to offer lower prices than competitors.

Crisis Management Plans

Plans designed to help an organization respond effectively to unexpected emergencies or crises.

Differentiation Strategy

A strategy where a company offers unique products or services that are perceived as distinct from competitors' offerings.

Focused Differentiation Strategy

A strategy where a company offers unique products or services to a specific market segment, catering to their specific needs.

Focused Low-Cost Strategy

A strategy where a company focuses on offering low-cost products or services to a specific market segment.

Franchising

A method of business expansion where a company (franchisor) allows others (franchisees) to operate businesses using its brand, systems, and resources.

Functional Managers

Managers responsible for overseeing a specific function or department, such as marketing, finance, or operations.

Functional-Level Plan

A plan developed by functional managers that outlines how to achieve the goals and objectives of a specific department or function.

Functional-Level Strategy

A strategy that focuses on how each department or function can contribute to the organization's overall objectives.

Functions

The key activities or departments within an organization, such as marketing, finance, and operations.

Gantt Chart

A visual tool used for planning and scheduling projects, showing tasks, deadlines, and progress over time.

Goal

A specific, measurable, and time-bound target that an organization aims to achieve.

Hypercompetition

A market environment characterized by intense and rapid competitive changes that create constant opportunities and threats for businesses.

Mission Statement

A statement that defines the purpose, values, and goals of an organization, guiding its decision-making.

Planning

The process of setting goals, developing strategies to achieve them, and outlining steps for implementation.

Policy

A set of guidelines or principles that help direct decision-making and behavior within an organization.

Porter’s Five Forces Model

A framework that analyzes the competitive forces in an industry, including the threat of new entrants, bargaining power of suppliers and buyers, threat of substitutes, and competitive rivalry.

Return on Investment (ROI)

A financial metric used to evaluate the profitability of an investment, calculated by dividing the return by the initial cost.

Rule

A prescribed guide or directive that dictates behavior or actions within an organization.

Scenario Planning

A strategic planning method that involves forecasting various future scenarios to prepare for potential challenges and opportunities.

Social Return on Investment (SROI)

A metric used to measure the social, environmental, and economic value created by an organization’s activities.

Standard Operating Procedures (SOPs)

Detailed, written instructions designed to standardize work processes and ensure consistency and compliance.

Strategic Leadership

The ability to influence and guide the organization toward achieving its long-term goals through effective strategy and decision-making.

Strategy

A plan of action designed to achieve specific objectives and goals in a competitive environment.

Strategy Formulation

The process of developing strategies by analyzing the internal and external environment to choose the most appropriate course of action.

SWOT Analysis

A strategic planning tool used to evaluate an organization's internal strengths and weaknesses, as well as external opportunities and threats.

Time Horizon

The period over which an organization plans to achieve its goals and objectives.

Vision Statement

A statement that defines the long-term aspirations and direction of an organization, often guiding its strategic planning.