Chapter 28 Strategic Thinking and Management

Areas of Excellence

It is going beyond the minimum standard

Balanced Score Methodology

The measurement of objectives

Driving force

It is the concept used to determine which products or services to be offered

Process innovation

Introducing a new method or way of doing something

Scenarios

Creating a situation to help you determine how an event should be carried out.

Service Innovation

The process of reinventing or redesigning the corporate strategy to help increase business

Stakeholder

Who is affected by the product or service

Strategic goals

High level of key activities describing the actions needed to carry out each of the newly selected organizational strategies.

Strategic management

Setting goals, objectives, and direction of the organization

Strategic Objectives

Shows direction for an organization

Strategic Planning

The process of determining the strategic for an organization

Strategic Profile

Contains the types of services offered and markets

Strategic Thinking

Usually performed by the CEO to determine vision and strategy

Strategy

a plan of action or policy designed to achieve a major or overall aim

Strategy Map

A document that shows visual depiction of strategic objectives

SWOT Analysis

a simple tool that can help you to analyze what your company does best right now, your weaknesses, and to devise a successful strategy for the future