2 key concepts in sm
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The document defines and discusses key strategic management concepts and terms including: - Business definition, strategic vision, vision and mission statements, core values, purpose, goals, strategic objectives, internal appraisal, competitive advantage, sources of competitive advantage, strategic competition, strategic thinking, and competitive exclusion. It provides characteristics and descriptions of these concepts to outline important elements of strategic planning and management.
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KRA stands for Key Result Area and defines the key areas an employee is responsible for producing results. KPI stands for Key Performance Indicator and describes measurable targets to evaluate an employee's performance within their KRAs. For example, a HR manager's KRA may be recruitment and a related KPI could be recruiting level 1 positions within 3 months of a vacancy and within 90% of budget. While definitions can vary, the goal is for employees to understand their job responsibilities (KRAs) and expected results (KPIs). Setting KRAs, KPAs (Key Performance Areas), and KPIs allows organizations to manage performance and evaluate progress towards objectives.
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KRA stands for Key Result Area and defines the key areas an employee is responsible for producing results. KPI stands for Key Performance Indicator and describes measurable targets to evaluate an employee's performance within their KRAs. For example, a HR manager's KRA may be recruitment and a related KPI could be recruiting level 1 positions within 3 months of a vacancy and within 90% of budget. While definitions can vary, the goal is for employees to understand their job responsibilities (KRAs) and expected results (KPIs). Setting KRAs, KPAs (Key Performance Areas), and KPIs allows organizations to manage performance and evaluate progress towards objectives.
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Summarize the information you’re presenting in a manner that keeps the reader engaged and motivated to continue reading.
Introduction
Introduction:
The opening statement, paragraph, or section should clearly state the document’s purpose and the content to follow.
Deciding on how to use this section comes down to the desired outcome for the reader or audience.
They want to immediately find value in the information you present, so the details included in the introduction should grab and hold the reader’s attention.
Company Information
Company Information:
When writing an executive summary for an external audience, include your company name, a description of your mission or purpose, contact information, location, and the size and scale of your operations.
In some cases, the summary introduces the founders, investors, and corporate leadership.
It might include background information of each that outlines previous industry or startup experience, or historical context on the current state of the company.
When used in a presentation or research report, introduce the team presenting or responsible for the report’s findings.
Products and Services
Products and Services:
The executive summary is the place to highlight the problem you solve or the need you fulfill.
For a report, this is where you might highlight what you researched and what the reader should know about your findings.
For marketing plans or product launch presentations, tell the reader why your service or product is relevant at this particular moment in time.
Market Analysis
Market Analysis:
The executive summary of a business plan might profile the target customer and explain the market opportunity for a product or service.
Consider answering questions like: Is there a five year plan for this market?
How do you anticipate growing the customer base and improving market share?
What stands out from your research about your customers that the reader should know before you summarize the rest of the business?
Competition Analysis
Competition Analysis:
This section should include answers to the following questions:
Wh.
The balanced scorecard method - strategy
The balanced scorecard is a strategic planning tool used by businesses to align goals and initiatives across four perspectives: financial, customer, internal processes, and learning and growth. It was created by Kaplan and Norton to provide a more holistic view of organizational performance beyond just financial measures. Managers use the balanced scorecard to translate strategy into objectives and measures, communicate strategy to employees, link strategic objectives to budgeting and resource allocation, and monitor performance regularly to ensure goals are met.
30 , 60, 90 Days Plan To Meet Goals For New Organization
The document outlines a 30/60/90 day plan for a new organization. In the first 30 days, the focus is on learning about systems, procedures, and goals, building relationships, and establishing performance guidelines. In the next 30 days, priorities include defining best practices, identifying issues, and partnering on improvements. In the final 90 days, priorities are sales territory development plans, production process analysis, and cost containment measures.
Operational Excellence model
The document discusses operational excellence and continuous improvement. It defines operational excellence as developing a culture of continuous improvement through applying principles and tools to sustainably improve key performance metrics. The vision is for operational excellence to become the way the organization does business. The mission is to enable value delivery through operational excellence principles and innovative process improvements. Strategic objectives include educating employees on concepts, supporting objectives, identifying opportunities, and developing measures to validate results.
Bsc
The Balanced Scorecard is a strategic planning and management system that was introduced in 1992. By 2002, over 50% of Fortune 500 companies were using it and it showed implementations in over 50,000 organizations globally. The Balanced Scorecard allows organizations to translate their vision and strategy into objectives and measures across four important perspectives: financial, customer, internal business processes, and learning and growth. When implemented properly with alignment, communication, and feedback, organizations can achieve breakthrough results in short periods of time by focusing all employees and resources on the key strategic priorities.
Balanced Scorecard
The Balanced Scorecard is a strategic planning and management system that was introduced in 1992. By 2002, over 50% of Fortune 500 companies were using it and it showed implementations in over 50,000 organizations globally. The Balanced Scorecard allows organizations to translate their vision and strategy into objectives and measures across four important perspectives: financial, customer, internal business processes, and learning and growth. When implemented properly with alignment, communication, and feedback, organizations can achieve breakthrough results in short periods of time by focusing all employees and resources on the key strategic priorities.
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Seminar in Strategic-3 Management-V3BAjay K. Garg604-648-4.docx
Seminar in Strategic-3 Management-V3BAjay K. Garg604-648-4.docx
30 , 60, 90 Days Plan To Meet Goals For New Organization
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2 key concepts in sm
- 2. Some Key strategic management concepts/terms • Business definition-the satisfaction or utility customers obtain from the firms products or services Strategic vision -a view of an organizations future direction and business course. it is a guiding concept for what the organization is trying to do and to become. It is a big picture perspective of the organization It shows where the organization is headed ansserwanga@mubs.ac.ug,0752855247
- 3. Vision statement- A statement of the kind of organization that top management is trying to create Mission-is a fundamental unique aim or purpose that sets an organization apart from others of its kind Characteristics of a mission Should bring out the major competitive scopes (industry, market segment scope, geographical scope) It should be motivating ansserwanga@mubs.ac.ug,0752855247
- 4. • Core values-are the standards laid out by the organization in terms of how it will treat its customers, share holders, work force, community, etc. Values guide the behaviour of all staff in the organization • Purpose- a long term, broad guiding focus that does not change which provides the broadest contest for redefining the business over time as the environment changes (it is defined by the customers) Goals-are defined as open ended statements of planned accomplishments. Goals are directly derived from the mission of the company Strategic objectives- are specific performance targets or results to be achieved within a certain time frame. Objectives convert the goals into targeted results. They can be both long term(3-4 yrs) or short term(1-2 yrs) Objectives especially the short term objectives should be SMART ansserwanga@mubs.ac.ug,0752855247
- 5. Why long term goals and objectives? To ensure achievement of sustained growth and profitability Areas where a firm may develop goals and objectives: Profitability Customer orientation Productivity Internal structuring Competitiveness Physical and financial resources Employee development, etc ansserwanga@mubs.ac.ug,0752855247
- 6. Driving force-the company's most fundamental focus Environmental analysis Key success factors –are those factors that drive the growth of the industry- essential features within the industry for success ansserwanga@mubs.ac.ug,0752855247
- 7. Internal appraisal-is a description of the situation within the organization (S&W) Stretch-a strategic planning period adopted by an organization Strategic intent-a statement of the desired leadership position that an organization wishes to achieve. A corporate ambition or challenge Competitive advantage- internal factor that enables a firm to have market superiority or leverage over its competitors on a sustainable basis. ansserwanga@mubs.ac.ug,0752855247
- 8. Strategy-it is a means of accomplishing or achieving organizational objectives A course of action to achieve the stated goals and objectives Actions that a company will take to increase its competitive advantage Is a unified, comprehensive and integrated plan that relates the strategic advantages of a firm to the challenges in the environment ansserwanga@mubs.ac.ug,0752855247
- 9. Dimensions of strategy A strategy as a plan: course of action, a guideline to deal with a situation A strategy as a ploy- i.e a maneuver to win competitors A strategy as a pattern i.e. a series of consistent actions/activities A strategy as a position- a means of locating an organization in the environment/market A strategy as a perspective-it unites an organization by a common thinking towards achieving common goals ansserwanga@mubs.ac.ug,0752855247
- 10. Sources of competitive Superior skills Superior resources Superior position Customer service Continuous innovation Superior technology Superior quality ansserwanga@mubs.ac.ug,0752855247
- 11. Strategic competition: Competing for long term survival. Competing with a long term orientation Strategic thinking-long term thinking. Looking a head, and plotting what to do to survive. Seeing a big picture. Building scenarios of the future and plotting backwards to see how your present actions can influence the future Competitive exclusion-the argument that no two firms can co-exist if they make their living in an identical way ansserwanga@mubs.ac.ug,0752855247