Q9E-Summary of Key Points and Terminology - Chapter 11

Q9E-Summary of Key Points and Terminology - Chapter 11 -...

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Managing for Quality and Performance Excellence, 9 th Edition Summary of Key Points and Terminology Chapter 11 – Strategy and Performance Excellence Strategy is the pattern of decisions that determines and reveals a company’s goals, policies, and plans to meet the needs of its stakeholders. Strategic planning is the process of envisioning the organization’s future and developing the necessary goals, objectives, and action plans to achieve that future. An effective strategic planning process should understand the short- and longer- term factors that affect the organization and its marketplace, such as customers’ expectations, new business and partnering opportunities, workforce development and hiring needs, the increasingly global marketplace, technological developments, the evolving e-business environment, changes in customer and market segments, evolving regulatory requirements, changes in community and societal expectations and needs, and strategic moves by competitors. The goal of strategy development is envisioning the future for purposes of decision making and resource allocation. Effective strategy development requires a systematic process that involves participation by all necessary stakeholders, ensures that relevant and important data and information are captured and analyzed, addresses both short- and long-term time horizons, addresses key strategic challenges, and leads to innovation and sustainability.
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