Bba Capstone

Exam #1 Study Material Chapter 1: * Strategic focussing defined as formulation, implementation, and evaluation of cross-functional decisions in order to accomplish objectives. * A strategic plan is the companys spirited plan. * Formulation Includes developing a vision and mission statements, ID opportunities and threats, watch out internal strengths and weaknesses, make LT objectives, alter strategies and pursue strategies. * Implementation record annual objectives, policies, motivate employees, and allocate resources for strategies. Is known as the execute Stage. * Evaluation Reviewing impertinent and internal factors, measuring performance, and taking disciplinary action. * Strategic management is based on integrating distrust and analysis in decision-making. * Competitive advantage is anything a unwaveringly does especially well compared to their rivals. * Firms must not just retain competitive advantage but sustain it. * Vision relation What do we want to become? it is the 1st step in planning and should be no long-term than a sentence. * boot Statement What is our business? enduring statement of purpose that distinguishes on business from similar firms. It is their scope of operations.

* Opportunities and threats are external and beyond the control of an organization. * Environmental Scanning is the process of research, gathering, and assimilating external information and is also called industry analysis. * LT Objectives are objectives that are longer than one year, and are specific results that an organization seeks to achieve in pursuing their mission. They should be measurable, consistent, challenging, reasonable, and clear. * Strategies are the means by which LT objectives allow foring be achieved. * Policies are means by which annual objectives will be achieved, and are guides to decision making. * 3 important questions to lease when developing a strategic plan are as follows:... If you want to get a full essay, order it on our website: Orderessay

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