Strategic Management Basics

Front

Definition of Strategic Management

Back

Process of defining strategy, direction, and decision-making.

Front

Vision Statement

Back

Future aspirations of the organization.

Front

Mission Statement

Back

Purpose and primary objectives of the organization.

Front

SWOT Analysis

Back

Tool for identifying strengths, weaknesses, opportunities, threats.

Front

Strategic Planning

Back

Long-term organizational goals and actions.

Front

Competitive Advantage

Back

Unique edge over competitors.

Front

Core Competencies

Back

Unique strengths and abilities of an organization.

Front

Stakeholders

Back

Individuals or groups affected by organizational activities.

Front

Corporate Strategy

Back

Overall scope and direction of a corporation.

Front

Business Strategy

Back

Approach to compete in a specific market.