"Strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates."
The overall strategy and approach a business takes to achieve its goals and objectives.
Competitive Analysis: The process of identifying and analyzing the strengths, weaknesses, opportunities, and threats of competitors in a given industry.
Value Proposition: The unique selling point that a company offers to its customers which sets it apart from its competitors.
SWOT Analysis: A strategic planning tool used to identify a company's internal strengths and weaknesses, and external opportunities and threats.
Porter's Five Forces: A framework used to analyze the competitive structure of an industry and identify potential threats to profitability.
Business Model Canvas: A visual framework used to describe, design, and assess business models.
Blue Ocean Strategy: A framework used to create an uncontested market space and make competition irrelevant.
Customer Segmentation: The process of dividing customers into distinct groups based on their needs, preferences, and behaviors.
Customer Acquisition Cost: The cost of acquiring a new customer, including marketing and sales expenses.
Revenue Streams: The various sources of revenue for a business, including product sales, services, and advertising.
Key Performance Indicators: The metrics used to measure the performance of a business, including revenue, customer acquisition, and profitability.
Cost leadership: Focus on minimizing costs to offer products or services at a lower price than competitors.
Differentiation: Emphasis on creating a unique product or service that sets the company apart from competitors.
Niche: Target a specific market segment with a highly specialized offering.
Growth: Expansion into new markets or through mergers and acquisitions.
Diversity: Diversification of products or services offered to reduce risk and increase revenue streams.
Marketing: Focus on creating and promoting a strong brand image to attract customers.
Innovation: Emphasis on creating new and cutting-edge products and services.
Partnership: Collaborating with other companies to leverage each other's strengths and reach shared goals.
Service: Emphasis on superior customer service to differentiate from competitors.
Digital transformation: Adoption of the rapidly evolving digital technologies for enhancing business operations.
"Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans."
"Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics."
"Creating a 'unique and valuable [market] position,' making trade-offs by choosing 'what not to do,' and creating 'fit' by aligning company activities with one another to support the chosen strategy."
"Corporate strategy involves answering a key question from a portfolio perspective: 'What business should we be in?'"
"Business strategy involves answering the question: 'How shall we compete in this business?'"
"Management theory and practice often make a distinction between strategic management and operational management, with operational management concerned primarily with improving efficiency and controlling costs within the boundaries set by the organization's strategy."
"Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning."
"Strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates."
"Numerous models and frameworks have been developed to assist in strategic decision-making in the context of complex environments and competitive dynamics."
"Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives."
"Strategic management involves developing policies and plans to achieve the organization's objectives."
"Strategic management involves allocating resources to implement the plans."
"Creating 'fit' refers to aligning company activities with one another to support the chosen strategy."
"Strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders."
"Operational management is concerned primarily with improving efficiency and controlling costs."
"Operational management is concerned primarily with improving efficiency and controlling costs within the boundaries set by the organization's strategy."
"Strategic management models can include a feedback loop to monitor execution and to inform the next round of planning."
"Creating a 'unique and valuable [market] position' is one of the principles underlying strategy identified by Michael Porter."
"Business strategy involves answering the question: 'How shall we compete in this business?'"