Summary of Key Points and Terminology -Chapter 4

Summary of Key Points and Terminology -Chapter 4 - Summary...

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Summary of Key Points and Terminology – Chapter 4 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. Strategic leadership 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.” The Baldrige Organizational Profile 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
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Summary of Key Points and Terminology -Chapter 4 - Summary...

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