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Business plans can help decision-makers see how specific projects relate to the organization's strategic plan. Total quality management (TQM) is a business management strategy aimed at embedding awareness of quality in all organizational processes.
The business model canvas is a strategic management template used for developing new business models and documenting existing ones. [2] [3] It offers a visual chart with elements describing a firm's or product's value proposition, [4] infrastructure, customers, and finances, [1] assisting businesses to align their activities by illustrating potential trade-offs.
For strategic planning to work, it needs to include some formality (i.e., including an analysis of the internal and external environment and the stipulation of strategies, goals and plans based on these analyses), comprehensiveness (i.e., producing many strategic options before selecting the course to follow) and careful stakeholder management ...
Woodhouse and Collingridge claim that the essence of being "strategic" lies in a capacity for "intelligent trial-and error" [68] rather than strict adherence to finely honed strategic plans. Strategy should be seen as laying out the general path rather than precise steps. [70] Means are as likely to determine ends as ends are to determine means ...
The choice of which markets to focus on is critical for firm growth [8] [16] and has an important imprinting effect on the business. [17] [18] MON proposes a structured process to support managers, entrepreneurs, and innovators in discovering their most valuable market opportunities and set their strategic focus. It is based on three steps:
That means an investment strategy that relies on broad market movements to generate returns, rather than on specific stock selection or other active management strategies, may fall short.