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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."
Porter wrote in 1980 that strategy targets either cost leadership, differentiation, or focus. [1] These are known as Porter's three generic strategies and can be applied to any size or form of business.
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Business strategies can be categorized in many ways. One popular method uses the typology put forward by American academics Raymond E. Miles and Charles C. Snow in their 1978 book, Organizational Strategy, Structure, and Process .
The process of business model design is part of business strategy. Business model design and innovation refer to the way a firm (or a network of firms) defines its business logic at the strategic level. In contrast, firms implement their business model at the operational level, through their business operations.
Strategic planning's role is "to realise and to support strategies developed through the strategic thinking process and to integrate these back into the business". [14] Henry Mintzberg wrote in 1994 that strategic thinking is more about synthesis (i.e., "connecting the dots") than analysis (i.e., "finding the dots"). It is about "capturing what ...
High-level and low-level, as technical terms, are used to classify, describe and point to specific goals of a systematic operation; and are applied in a wide range of contexts, such as, for instance, in domains as widely varied as computer science and business administration. High-level describe those operations that are more abstract and ...
Business capability models are structured in a hierarchical manner, i.e. each higher-level business capability includes multiple constituting lower-level capabilities. They can have several nested levels of depth and granularity, typically from two to four distinct abstraction levels depending on the size, complexity and experience of an ...