Untitled Flashcards Set

Corporate strategic goals

Long-term objectives set to guide an organization into the future.

Departmental/tactical goals

Mid-term objectives that focus on specific departments or tactical areas of the organization.

Team/operational goals

Short-term objectives that typically are achieved within one year or less.

Mission statement

A broad declaration of the basic purpose and scope of the organization that distinguishes it from others.

Key components of a mission statement

Includes customer, product, location, underlying philosophy, and stakeholder service.

Goals

Should be specific, measurable, actionable, reasonable, and timetabled.

Single use plans

Plans developed to achieve set goals that are unlikely to be repeated in the future.

Standing plans

Ongoing plans used to provide guidance for tasks performed repeatedly in the organization.

Strategic management

A set of decisions and actions used to implement strategies that provide competitive advantage to the organization.

Competitive advantage

Operating effectively in a way that is difficult for competitors to imitate.

Sustainable competitive advantage

Consistently dealing with market and environmental forces better than competitors.

SWOT analysis

A framework for scanning internal strengths and weaknesses as well as external opportunities and threats.

Porter's competitive advantage strategies

Strategies that include differentiation, cost leadership, focused differentiation, and focused cost leadership.

Product life cycle

A series of stages a product goes through during its marketability.

Introduction phase of product life cycle

Characterized by high development costs and low sales.

Growth phase of product life cycle

Phase where a product becomes profitable and gains market presence.

Decline phase of product life cycle

Phase where defending or analyzing strategies are used.

Vision statement

A statement that outlines what an organization wants to be in the future.

SMART goals

Goals that are Specific, Measurable, Actionable, Reasonable, and Timetabled.

Strategic plan

A document that outlines an organization's strategy for achieving its long term goals.

Key performance indicators (KPIs)

Measurable values that demonstrate how effectively an organization is achieving key business objectives.

Market analysis

The process of assessing the dynamics of a market within a specific industry.

Benchmarking

A process of comparing an organization's practices and performance metrics to industry standards or best practices.