Strategic planning basics, SWOT analysis, and mission and vision statements from an intro management course.
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- What is strategic planning?
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The process of defining an organization's direction and making decisions about how to allocate resources to pursue that direction.- What is a mission statement?
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A concise description of an organization's purpose, core values, and the reason it exists.- What is a vision statement?
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A statement describing what an organization aspires to become in the future; its long-term aspirations.- What does SWOT analysis stand for?
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Strengths, Weaknesses, Opportunities, Threats.- In SWOT analysis, what are strengths?
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Internal positive attributes and resources that give an organization a competitive advantage.- In SWOT analysis, what are weaknesses?
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Internal negative attributes or resource limitations that may hinder the organization's performance.- In SWOT analysis, what are opportunities?
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External positive conditions or favorable circumstances that the organization can exploit to its advantage.- In SWOT analysis, what are threats?
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External negative conditions or challenges that could harm the organization's performance.- What are strategic objectives?
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Specific, measurable goals that an organization establishes to support its mission and vision over a set timeframe.- What is the difference between a goal and an objective in strategic planning?
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Goals are broad, long-term desired outcomes; objectives are specific, measurable targets that support goals with defined timeframes.- What are stakeholders in an organization?
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Individuals or groups who have an interest in or are affected by the organization's decisions and performance.- What is competitive advantage?
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A unique strength or capability that allows an organization to outperform competitors and deliver greater value to customers.- What is internal analysis in strategic planning?
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An examination of the organization's internal strengths, weaknesses, resources, and capabilities.- What is external analysis in strategic planning?
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An examination of factors outside the organization, including market conditions, competitors, and the broader business environment.- What is market analysis?
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An assessment of market size, growth trends, customer needs, and market segments to inform strategic decisions.
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