D073 practice for oa with complete solutions

Document Content and Description Below

D073 practice for oa with complete solutions Mission statement ✔✔What we are doing (has objectives that are measurable) i.e what will be accomplished when will it be done how much will nbe done Strategy ✔✔Also called an action plan is developed to achieve a vision strategic management process ✔✔4 step process to pursue a vision strategic objective strategic formulation strategic implementation strategic evaluation Strategic objectives | & analysis ✔✔This is an evaluation. An evaluation that is best used with swot and pestle to help bridge the gap of long term visions and short term decisions. Strategic formulation ✔✔This step writes the goals and objectives based on the information obtained from SWOT & pestle swot ✔✔internal investigation to analyze strengths and weaknesses as well as external appraisal of competitors pestle ✔✔politics,economic,social,technology,legal,environmental evaluation that may effect a companies strategy strategic implementation ✔✔This is where the planning stops, often called strategic execution should give training and allocate resources success often comes from proper tools and personal motivation strategic evaluation | & control ✔✔Where performance measures are taken because this stage is crucial. If it becomes apparent that the strategy is not working according to plan, then new plans need to be formulated (see step 2) or organizational structures adjusted. Personnel may need to be retrained or shifted to other duties. The strategic management process may need to be reexamined or even redeveloped.2 Operational strategies ✔✔Is the method companies use to reach their objectives. through either a well integrated company competitive system Operations strategy can be summed up as the "how" that follows the "what" of business strategy. It includes the entire process of production from beginning to end. As with all aspects of business strategy, it should be customer-focused corporate strategies ✔✔focus on seeing companies are interconnected parts developed into a 4 step system. resource allocation, organizational design, portfolio management, strategic trade offs. customer driven strategy ✔✔focus on customer Offer many to a few Offer few to many Offer a broad range to a narrow market Competitive strategies ✔✔3 step process helps determine how to price and market products. Cost leadership Differentiation Market segmentation Cost leadership ✔✔economies of scale Long term strategy ✔✔Facility location decisions Technology usage Labor and equipment organization Capacity to meet customer demands2 Short term strategy ✔✔Scheduling workforce Establishing quality assurance procedures Contracting with vendors Managing inventory2 What are the 3 main strategic management of all organizations ✔✔operational, marketing, & finance SMART goals stand for what? ✔✔Specific, measurable, achievable, realistic, time bound Specific from smart goals which should be used when planning operational objectives defines as what? ✔✔An operational objective should be sp

[Show More]

Last updated: 3 years ago

Preview 1 out of 46 pages

Get Access

Instant download after payment

Card Payments

₿ Crypto Accepted

Instant download