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A strategic plan may cover multiple years and be updated periodically. The organization may use a variety of methods of measuring and monitoring progress towards the strategic objectives and measures established, such as a balanced scorecard or strategy map. Organizations may also plan their financial statements (i.e., balance sheets, income ...
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."
In large corporations, strategic planners or corporate financial planning and analysis (FP&A) personnel are involved in the formulation and implementation of the organization's strategy. The strategy is typically set by business leaders such as the chief executive officer and key business or functional leaders and is reviewed by the board of ...
Strategic thinking is a mental or thinking process applied by individuals and within organizations in the context of achieving a goal or set of goals.. When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities intended to create competitive advantage for a firm or organization.
Henry Mintzberg described five definitions of strategy in 1998: Strategy as plan – a directed course of action to achieve an intended set of goals; similar to the strategic planning concept; Strategy as pattern – a consistent pattern of past behavior, with a strategy realized over time rather than planned or intended.
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 definition of leadership varies from situation to situation. Strategic leadership filters the applicable information, creating an environment where learning can take place. Strategic leadership is a combined responsibility of the leader, the follower, and the organization.
Most definitions of geostrategy below emphasize the merger of strategic considerations with geopolitical factors. While geopolitics is ostensibly neutral — examining the geographic and political features of different regions, especially the impact of geography on politics — geostrategy involves comprehensive planning, assigning means for achieving national goals or securing assets of ...