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Strategic managment
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rwdah alreyami
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chapter4,5,8
Strategic managment
29 cards
Cards (39)
Successful strategy execution has two basic rules: understand the management cycle that links
strategy
and
operations
, and know what tools to apply at each stage of the cycle
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Management cycle that links
strategy
and
operations
1. Strategy
development
2.
Translating
strategy into objectives and initiatives
3. Creating an
operational plan
4. Putting plans into
action
5.
Testing
the strategy
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Strategy development
Springs from a company's
mission
, vision, and value statements, and from an analysis of its strengths, weaknesses, and
competitive
environment
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Translating strategy into objectives and initiatives
Use strategy
maps
to organize objectives by themes, and balanced scorecards to link objectives to performance
metrics
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Creating an
operational plan
Includes targeting
process improvements
and preparing sales, resource, and capacity plans and dynamic budgets
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Putting plans into action
Monitor effectiveness, review operational,
environmental
, and
competitive data
, assess progress, and identify barriers to execution
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Testing the strategy
Analyze
cost
,
profitability
, and correlations between
strategy
and
performance
, and update the strategy if underlying assumptions appear faulty
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The management cycle incorporates leading management experts'
frameworks
, outlining where they fit into the management
cycle
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Not long after its successful IPO, the
Conner Corporation
(not its real name) began to
lose
its way
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The company's senior executives continued their practice of holding monthly
one-day
management meetings, but their
focus
drifted
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