Strategic Groups Definition Strategic Groups refers to a group of companies who follow the same strategy within a particular industry. A company which operates in an industry can have different business segments catering to different markets. For each of these segments, there will be a unique ...
But what is strategy, exactly? And are you aware that you need different types of strategy at different levels within your organization? In this article, we're looking at some common definitions of strategy. We'll focus on three strategic levels – corporate strategy, business unit strategy, ...
For the majority of people, the answer is no. And in fact, the word strategy has become so bastardized that it’s now combined with terms like “imperatives,”“pillars,” and “objectives,” that many managers really have no idea what they’re talking about. Throw the word “strategic...
What is Strategic Thinking? Why is it important? On 27th April, Dr. Julia Sloan held a lecture in Honors College to deliver a brief introduction of Strategic Thinking. Dr. Julia Sloan is the author of the definitive book ...
What is strategic planning? Strategic planning is a process in which anorganization's leadersdefine their vision for the future and identify theirorganization's goalsand objectives. The process includes establishing the sequence in which those goals should be realized so the organization can reach its...
What is strategic management? Strategic management is the ongoing planning, monitoring, analysis and assessment of the resources and processes an organization should have in place to meet its goals and objectives. Because business environments are dynamic, an organization must constantly assess its strate...
Alerts you to risks to avoid.Part of the strategic planning process is scanning the external environment and competitive landscape, which allows you to identify potential roadblocks you may encounter. Helps you understand what resources you will need.When you have a strategic plan in place, you ca...
1. The final goal of the strategic planning process is a strategic plan. F 2. A strategic plan is valuable if it is executed. T 3. There are four keys to successful implementation. F 4. A good strategy is likely to fall apart if without the input and feedback of the people...
First, thestrategic managementof an organization entails three ongoing processes: analyses, decisions, and actions.Strategic managementis concerned with the analysis of strategic goals (vision, mission, and strategic objectives) along with the analysis of the internal and external environments of the orga...
What Are the Key Elements of Strategic Management? Strategic management is not a one-size-fits-all strategy. However, there are key elements that are found to be critical. These include goal setting, industry and organizational analyses, strategy formation, strategy implementation; and the measuremen...