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Strategic Plan Strategic Plan
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A company’s plan for how it will match its internal strengths and weaknesses with external opportunities and threats in order to maintain a competitive advantage. Challenges include the need to support corporate productivity and performance improvement efforts, that employees play an expanded role in employers’ performance improvement efforts,
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and HR must be more involved in designing, not just executing it.
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Strategy Strategic Management
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The process of identifying and executing the organization’s mission by matching its capabilities with the demands of its environment. A course of action; the company’s long-term plan for how it will balance its internal strengths and weaknesses with its external opportunities and threats to maintain a competitive
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advantage.
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Mission Vision
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A general statement of a company’s intended direction that evokes emotional feelings in organizational members. Spells out who the company is, what it does, and where it’s headed.
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SWOT Analysis 1. Define the business and its mission 2. Perform external and internal audits 3. Translate the mission into
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strategic goals 4. Formulate a strategy 5. Implement the strategy 6. Evaluate performance
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Strategic management tasks: Used to compile and organize the process of identifying company strengths, weaknesses, opportunities, and threats.
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Business- Level/Competiti ve Strategy Corporate-Level Strategy
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Identifies the portfolio of businesses that, in total, comprise the company and the ways in which these businesses relate to each other. Identifies how to build and strengthen the businesses’ long-term competitive position in the marketplace.
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1. Cost leadership 2. Differentiati on 3. Focus 1. Diversificati on strategy 2. Vertical integration strategy 3. Consolidatio n strategy
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4. Geographic expansion strategy
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Corporate-level strategies: Business- level/competitive strategies:
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Vertical Integration Strategy Diversification Strategy
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will expand by adding new product lines. Means the firm
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This note was uploaded on 09/08/2011 for the course MAN 3301 taught by Professor Bogumil,w during the Spring '08 term at University of Central Florida.

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Exam1 - FC3 - The flashcards are formatted for printing....

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