D073 practice for oa with complete
solutions
Mission statement ✔✔What we are doing (has objectives that are measurable)
i.e
what will be accomplished
when will it be done
how much will nbe done
Strategy ✔✔Also cal
...
D073 practice for oa with complete
solutions
Mission statement ✔✔What we are doing (has objectives that are measurable)
i.e
what will be accomplished
when will it be done
how much will nbe done
Strategy ✔✔Also called an action plan is developed to achieve a vision
strategic management process ✔✔4 step process to pursue a vision
strategic objective
strategic formulation
strategic implementation
strategic evaluation
Strategic objectives | & analysis ✔✔This is an evaluation. An evaluation that is best used with
swot and pestle to help bridge the gap of long term visions and short term decisions.
Strategic formulation ✔✔This step writes the goals and objectives based on the information
obtained from SWOT & pestle
swot ✔✔internal investigation to analyze strengths and weaknesses as well as external appraisal
of competitors
pestle ✔✔politics,economic,social,technology,legal,environmental evaluation that may effect a
companies strategy
strategic implementation ✔✔This is where the planning stops, often called strategic execution
should give training and allocate resources
success often comes from proper tools and personal motivation
strategic evaluation | & control ✔✔Where performance measures are taken because this stage is
crucial.
If it becomes apparent that the strategy is not working according to plan, then new plans need to
be formulated (see step 2) or organizational structures adjusted. Personnel may need to be
retrained or shifted to other duties. The strategic management process may need to be
reexamined or even redeveloped.2
Operational strategies ✔✔Is the method companies use to reach their objectives.
through either a well integrated company
competitive system
Operations strategy can be summed up as the "how" that follows the "what" of business strategy.
It includes the entire process of production from beginning to end. As with all aspects of
business strategy, it should be customer-focused
corporate strategies ✔✔focus on seeing companies are interconnected parts developed into a 4
step system.
resource allocation, organizational design, portfolio management, strategic trade offs.
customer driven strategy ✔✔focus on customer
Offer many to a few
Offer few to many
Offer a broad range to a narrow market
Competitive strategies ✔✔3 step process helps determine how to price and market products.
Cost leadership
Differentiation
Market segmentation
Cost leadership ✔✔economies of scale
Long term strategy ✔✔Facility location decisions
Technology usage
Labor and equipment organization
Capacity to meet customer demands2
Short term strategy ✔✔Scheduling workforce
Establishing quality assurance procedures
Contracting with vendors
Managing inventory2
What are the 3 main strategic management of all organizations ✔✔operational, marketing, &
finance
SMART goals stand for what? ✔✔Specific, measurable, achievable, realistic, time bound
Specific from smart goals which should be used when planning operational objectives defines as
what? ✔✔An operational objective should be sp
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