Ch6,7.pdf - Friday 1:05 AM Strategy concepts you should know Mission statement no detail visionary in scope is the highest level strategic statement A

Ch6,7.pdf - Friday 1:05 AM Strategy concepts you should...

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Strategy concepts you should know: A statement of an organization's fundamental purpose Mission statement: no detail, visionary in scope, is the highest level strategic statement A general plan outlining decisions of resource allocation, priorities, and action steps necessary to reach strategic goals Strategic plan: upper management, it’s what an organization wants to accomplish, basic details or little detail A plan aimed at achieving tactical goals, developed to implement parts of a strategic plan Tactical plan: middle management, the action or battle plan to enact the strategic plan, more detail than the strategic plan, it’s how the organization is going to enact the goals of the strategic plan Focuses on carrying out tactical plans to achieve operational goals Operational plan: first level management, it has the most detail, it has the exact details of how we’ll accomplish the tactical plan All plans must interrelate & compliment each other Goals: Goals are integral to planning and are set at reasonable intervals throughout the plan at all levels Goals must be appropriate & have appropriate rewards. Goals have time frames just like plans & are really just different aspects of the strategic planning process. Time frames you should know: Friday, December 15, 2017 1:05 AM New Section 2 Page 1
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Time frames you should know: Short-term: 1 year or less Intermediate: 1 to 5 years Long term: 5 to 10 years Types of plans:
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