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Strategic management processes and activities. Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals."
Key issues, elements, and needs of strategy must be translated into objectives, action plans, and “scorecards” and this translation is an integral and vital part of the execution process. Developing this set of clear objectives, that relates logically to the strategy and how the organisation plans to compete, is an important aspect of an ...
The lack of clarity and ownership deeper in the organization leads to 1) misallocated resources because people are working at cross purposes, 2) excessive leadership time spent correcting and clarifying the direction because others are not convinced, or they fail to understand it, and 3) poor execution of the strategy due to diffuse and ...
[1] [2] [3] It can be done individually, as well as collaboratively among key people who can positively alter an organization's future. Group strategic thinking may create more value by enabling a proactive and creative dialogue, where individuals gain other people's perspectives on critical and complex issues. This is regarded as a benefit in ...
A phase-gate process (also referred to as a waterfall process) is a project management technique in which an initiative or project (e.g., new product development, software development, process improvement, business change) is divided into distinct stages or phases, separated by decision points (known as gates).
Blue Ocean Strategy is a book published in 2005 written by W. Chan Kim and Renée Mauborgne, professors at INSEAD, [1] and the name of the marketing theory detailed on the book. They assert that the strategic moves outlined in the book create a leap in value for the company, its buyers, and its employees while unlocking new demand and making ...
Image source: The Motley Fool. Diamondback Energy (NASDAQ: FANG) Q3 2024 Earnings Call Nov 05, 2024, 9:00 a.m. ET. Contents: Prepared Remarks. Questions and Answers. Call Participants
Strategic sourcing is the process of developing channels of supply at the lowest total cost, not just the lowest purchase price.It expands upon traditional organisational purchasing activities to embrace all activities within the procurement cycle, from specification to receipt, payment for goods and services [1] to sourcing production lines where the labor market would increase firms' ROI. [2]