Summary of Key Points and Terminology – Chapter 4
is the pattern of decisions that determines and reveals a company’s
goals, policies, and plans to meet the needs of its stakeholders.
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.
is defined as “a person's ability to anticipate, envision,
maintain flexibility, think strategically, and work with others to initiate changes
that will create a viable future for the organization, and its competitive advantage
to the organization in this way.”
addresses the basic characteristics of the
organization, organizational relationships, the competitive environment, the
advantages an organization has and the challenges that it faces, and its approach
to performance improvement.
The Organizational Profile provides a frame of
reference to help an organization better understand the internal and external