Showing Page:
1/6
ASSIGNMENT 1
SUBJECT STRATEGIC MANAGEMENT
TOPIC STRATEGIC MANAGEMENT AND ITS
TERMINOLOGIES
SUBMITTED TO MADAM NOUSHEEN
SUBMITTED BY (SANAM KHURSHEED 19)
DATED 20 NOVEMBER 2021
Showing Page:
2/6
STRATEGIC MANAGEMENT AND ITS TERMINOLOGIES
SANAM KHURSHEED (19) Page 1
WHAT IS STRTEGIC MANAGEMENT
DEFINITION:
Strategic management is the management of an organization’s resources to achieve its
goals and objectives.
Strategic management involves setting objectives, analyzing the competitive
environment, analyzing the internal organization, evaluating strategies, and ensuring that
management rolls out the strategies across the organization.
Strategic management is the process of setting goals, procedures, and objectives in order
to make a company or organization more competitive. Typically, strategic management
looks at effectively deploying staff and resources to achieve these goals. Often, strategic
management includes strategy evaluation, internal organization analysis, and strategy
execution throughout the company.
SHORT BACKGROUND OF STRATEGIC MANAGEMENT:
The concept of strategic management has its roots in 1950s economic theory based on industrial-
organisational approaches. Peter Drucker, also known as the Father of Modern Management
Theory, believed that setting objectives and monitoring company growth should permeate the
entire organization, top to bottom.
EXAMPLE OF STRATEGIC MANAGEMENT:
Consider a large company that wants to achieve more ambitious online sales rates. To
meet these goals, the company will develop a strategy, communicate this strategy, apply
it across various units and departments in the organization, integrate this with employee
goals, and execute accordingly. If an effective strategy is applied, ideally, it will help the
company achieve its targets through a single, coordinated process.
Showing Page:
3/6
STRATEGIC MANAGEMENT AND ITS TERMINOLOGIES
SANAM KHURSHEED (19) Page 2
TERMINOLOGIES:
1) CONSENSUS: A group decision or action that all members agree to support, even
though it may not exactly reflect an individual’s preferred choice. Consensus is possible
when diverse points of view have been heard thoroughly and openly.
2) CORE COMPTENCY: Any area, factor, or consideration perceived by the customer
that differentiates the organization and provides for a competitive edge over its rivals.
3) CROSS FUNCTIONAL: A process or activity that includes portions of the process
or activity from two or more functions within an organization.
4) CUSTOMER: The person(s), or organizations who use your output. Whether your
customers are internal or external to your organization, they use your output as an input
to their work processes.
5) CUSTOMER VALUR PROPOSITION: Customer Value Proposition is the intended
overall value and/or benefit a customer/stakeholder will gain from your product or
service in return for its costs, including money, time and effort; a marketing statement
that summarizes the tangible and intangible value of a particular offering helping the
customer to understand why they might want to buy a product or use a service.
6) CHANGE MANAGEMENT: The process of moving an organization, function, or
process through a transformation process to a new and/or improved level of performance.
7) COMPETITIVE POSITIONING: Competitive positioning is about defining how
you'll “differentiate” your offering and create value for your market. It's about carving
out a spot in the competitive landscape, putting your stake in the ground, and winning
mindshare in the marketplace being known for a certain “something.”
8) DELTA: The delta is where change occurs. It is where people stop operating in the old
way, learn new ways, make mistakes, mourn the loss of the old, test the new way and
integrate it into ongoing operations.
Showing Page:
4/6
STRATEGIC MANAGEMENT AND ITS TERMINOLOGIES
SANAM KHURSHEED (19) Page 3
9) DEVELOPMENT: The results of systematic efforts to bring about structural,
operational, and performance improvements, in a set of capabilities in order to enhance
and/or increase outputs.
10) DOUBLE LOOPING LEARNING: In double-loop learning, feedback from
management consequences is fed back to the action strategy development process and
back into the governing variables that were used to develop the strategies in the first
place.
11) ENVIRONMENTAL SCAN: A systematic review of current and/or emerging trends,
events, situations, problems, and issues that are or might impact the organization, its
operation, and/or its performance. A scan may be focused on either external or internal
factors.
12) ENVIRONMENTAL ASSESSMENT: Environmental Assessment is a thoughtful
analysis and evaluation of the strategic environment facing the organization
13) EVALUATION: The process of comparing and assessing some entity or attribute using
a specific criterion (or criteria), i.e., a norm, standard, regulation, or expectation.
14) EXTERNAL ANALYSIS: An examination of the dimensions of an organization’s
external environment, including the close scrutiny of those trends, events, that are having,
or might have an impact on the performance capabilities of the management, resources,
structure, processes, and operation of an organization.
15) FUNCTION: Specialized area of related activities within an organization that are
grouped together in order to manage them effectively and efficiently, for example,
finance, marketing, and operations.
16) FUNCTIONAL MANAGEMENT: A level of management below general
management that is in charge of a given function.
17) GLOBALIZATION: A process of interaction and integration among the people,
companies, and governments of different nations, driven by international trade and
Showing Page:
5/6
STRATEGIC MANAGEMENT AND ITS TERMINOLOGIES
SANAM KHURSHEED (19) Page 4
investment and aided by information technology. This process also impacts the
environment, culture, political systems, economic development and prosperity, and
human well-being in societies around the world. It includes investing, managing,
organizing, and operating on a world-wide scale, i.e., across national boundaries and in
different cultures and societies.
18) GOAL: A long-term result to be achieved as an organization moves toward the
vision.
19) GROWTH: The measurable increase in the input, throughput, or output of an
organization, process, or activity.
20) IMPLEMENTATION: The set of management and operational processes required
to add to, or modify, an existing strategy, organization structure, process or operating
system, such that the change is accepted by the organization as the new strategic and
operational norm.
21) IMPROVEMENT: The enhanced capability and/or performance or an organization,
its functions, processes, or activities made possible by changes in their design,
management, and operation.
22) STRATEGIC INITIATIVE: Strategic initiative is a collective endeavor, with a
defined beginning and end, to reduce performance gaps and help accomplish strategic
objectives.
23) INNOVATION: Introduction and adaptation of a new idea, concept, or invention to
an activity or process.
24) INPUT: The materials, equipment, information, people, money, or environmental
conditions that are needed beforehand.
25) MARKET POSITIONING: The process of identifying and occupying a distinct niche
or place in the market for products and services in order to achieve an advantage over
competing products and services.
Showing Page:
6/6
STRATEGIC MANAGEMENT AND ITS TERMINOLOGIES
SANAM KHURSHEED (19) Page 5
26) MEASURE: A Measure is a quantifiable value that is used to track and manage
operations or assess strategic performance.
27) MICRO ENVIRONMENT: External forces close to an organization that affect its
ability to serve its customers and make a profit, e.g. regulatory changes and stakeholder
perceptions.
28) MILESTONE: A key activity, whether a deliverable or a decision, being completed in
a project or in the development or in the operations of the organization
29) PERFORMANCE MANAGEMENT: Performance Management is the process of
achieving desired organizational outcomes. It includes all organizational activities aimed
at ensuring that the organization’s strategic goal(s) and objectives are met in an effective
and efficient manner.
30) PERFORMANCE MEASUREMENT: Performance Measurement is a process of
collecting, analyzing and reporting information regarding the performance of a
component.

Unformatted Attachment Preview

ASSIGNMENT 1 SUBJECT TOPIC STRATEGIC MANAGEMENT STRATEGIC MANAGEMENT AND ITS TERMINOLOGIES SUBMITTED TO MADAM NOUSHEEN SUBMITTED BY (SANAM KHURSHEED 19) DATED 20 NOVEMBER 2021 STRATEGIC MANAGEMENT AND ITS TERMINOLOGIES WHAT IS STRTEGIC MANAGEMENT DEFINITION: ➢ Strategic management is the management of an organization’s resources to achieve its goals and objectives. ➢ Strategic management involves setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies, and ensuring that management rolls out the strategies across the organization. ➢ Strategic management is the process of setting goals, procedures, and objectives in order to make a company or organization more competitive. Typically, strategic management looks at effectively deploying staff and resources to achieve these goals. Often, strategic management includes strategy evaluation, internal organization analysis, and strategy execution throughout the company. SHORT BACKGROUND OF STRATEGIC MANAGEMENT: The concept of strategic management has its roots in 1950s economic theory based on industrialorganisational approaches. Peter Drucker, also known as the Father of Modern Management Theory, believed that setting objectives and monitoring company growth should permeate the entire organization, top to bottom. EXAMPLE OF STRATEGIC MANAGEMENT: ▪ Consider a large company that wants to achieve more ambitious online sales rates. To meet these goals, the company will develop a strategy, communicate this strategy, apply it across various units and departments in the organization, integrate this with employee goals, and execute accordingly. If an effective strategy is applied, ideally, it will help the company achieve its targets through a single, coordinated process. SANAM KHURSHEED (19) Page 1 STRATEGIC MANAGEMENT AND ITS TERMINOLOGIES TERMINOLOGIES: 1) CONSENSUS: A group decision or action that all members agree to support, even though it may not exactly reflect an individual’s preferred choice. Consensus is possible when diverse points of view have been heard thoroughly and openly. 2) CORE COMPTENCY: Any area, factor, or consideration perceived by the customer that differentiates the organization and provides for a competitive edge over its rivals. 3) CROSS FUNCTIONAL: A process or activity that includes portions of the process or activity from two or more functions within an organization. 4) CUSTOMER: The person(s), or organizations who use your output. Whether your customers are internal or external to your organization, they use your output as an input to their work processes. 5) CUSTOMER VALUR PROPOSITION: Customer Value Proposition is the intended overall value and/or benefit a customer/stakeholder will gain from your product or service in return for its costs, including money, time and effort; a marketing statement that summarizes the tangible and intangible value of a particular offering helping the customer to understand why they might want to buy a product or use a service. 6) CHANGE MANAGEMENT: The process of moving an organization, function, or process through a transformation process to a new and/or improved level of performance. 7) COMPETITIVE POSITIONING: Competitive positioning is about defining how you'll “differentiate” your offering and create value for your market. It's about carving out a spot in the competitive landscape, putting your stake in the ground, and winning mindshare in the marketplace – being known for a certain “something.” 8) DELTA: The delta is where change occurs. It is where people stop operating in the old way, learn new ways, make mistakes, mourn the loss of the old, test the new way and integrate it into ongoing operations. SANAM KHURSHEED (19) Page 2 STRATEGIC MANAGEMENT AND ITS TERMINOLOGIES 9) DEVELOPMENT: The results of systematic efforts to bring about structural, operational, and performance improvements, in a set of capabilities in order to enhance and/or increase outputs. 10) DOUBLE LOOPING LEARNING: In double-loop learning, feedback from management consequences is fed back to the action strategy development process and back into the governing variables that were used to develop the strategies in the first place. 11) ENVIRONMENTAL SCAN: A systematic review of current and/or emerging trends, events, situations, problems, and issues that are or might impact the organization, its operation, and/or its performance. A scan may be focused on either external or internal factors. 12) ENVIRONMENTAL ASSESSMENT: Environmental Assessment is a thoughtful analysis and evaluation of the strategic environment facing the organization 13) EVALUATION: The process of comparing and assessing some entity or attribute using a specific criterion (or criteria), i.e., a norm, standard, regulation, or expectation. 14) EXTERNAL ANALYSIS: An examination of the dimensions of an organization’s external environment, including the close scrutiny of those trends, events, that are having, or might have an impact on the performance capabilities of the management, resources, structure, processes, and operation of an organization. 15) FUNCTION: Specialized area of related activities within an organization that are grouped together in order to manage them effectively and efficiently, for example, finance, marketing, and operations. 16) FUNCTIONAL MANAGEMENT: A level of management below general management that is in charge of a given function. 17) GLOBALIZATION: A process of interaction and integration among the people, companies, and governments of different nations, driven by international trade and SANAM KHURSHEED (19) Page 3 STRATEGIC MANAGEMENT AND ITS TERMINOLOGIES investment and aided by information technology. This process also impacts the environment, culture, political systems, economic development and prosperity, and human well-being in societies around the world. It includes investing, managing, organizing, and operating on a world-wide scale, i.e., across national boundaries and in different cultures and societies. 18) GOAL: A long-term result to be achieved as an organization moves toward the vision. 19) GROWTH: The measurable increase in the input, throughput, or output of an organization, process, or activity. 20) IMPLEMENTATION: The set of management and operational processes required to add to, or modify, an existing strategy, organization structure, process or operating system, such that the change is accepted by the organization as the new strategic and operational norm. 21) IMPROVEMENT: The enhanced capability and/or performance or an organization, its functions, processes, or activities made possible by changes in their design, management, and operation. 22) STRATEGIC INITIATIVE: Strategic initiative is a collective endeavor, with a defined beginning and end, to reduce performance gaps and help accomplish strategic objectives. 23) INNOVATION: Introduction and adaptation of a new idea, concept, or invention to an activity or process. 24) INPUT: The materials, equipment, information, people, money, or environmental conditions that are needed beforehand. 25) MARKET POSITIONING: The process of identifying and occupying a distinct niche or place in the market for products and services in order to achieve an advantage over competing products and services. SANAM KHURSHEED (19) Page 4 STRATEGIC MANAGEMENT AND ITS TERMINOLOGIES 26) MEASURE: A Measure is a quantifiable value that is used to track and manage operations or assess strategic performance. 27) MICRO ENVIRONMENT: External forces close to an organization that affect its ability to serve its customers and make a profit, e.g. regulatory changes and stakeholder perceptions. 28) MILESTONE: A key activity, whether a deliverable or a decision, being completed in a project or in the development or in the operations of the organization 29) PERFORMANCE MANAGEMENT: Performance Management is the process of achieving desired organizational outcomes. It includes all organizational activities aimed at ensuring that the organization’s strategic goal(s) and objectives are met in an effective and efficient manner. 30) PERFORMANCE MEASUREMENT: Performance Measurement is a process of collecting, analyzing and reporting information regarding the performance of a component. SANAM KHURSHEED (19) Page 5 Name: Description: ...
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4