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35 Strategic Planning in Business Terms

35 Strategic Planning in Business Terms

35 Strategic Planning in Business Terms

 

 

Welcome to our guide on strategic planning in business! In today’s rapidly changing market, having a well-thought-out strategy is crucial for any business to thrive. A strategic plan acts as a roadmap that guides an organization towards its goals and objectives.

In this article, we will discuss what strategic planning is, why it’s essential for businesses of all sizes, and how to create an effective strategic plan. So let’s dive in and learn more about this vital aspect of business management.

 

  1. Strategic Planning: The process of defining a business’s strategy or direction and making decisions on allocating resources to pursue this strategy.

     

  2. SWOT Analysis: A strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.

     

  3. Mission Statement: A statement of the organization’s purpose and primary objectives.

     

  4. Vision Statement: A declaration of an organization’s long-term goals, ideally providing guidance and inspiration.

     

  5. Objectives: Specific, measurable goals that a company or organization needs to achieve in order to fulfill its strategy.

     

  6. Key Performance Indicators (KPIs): A set of quantifiable measures that a company uses to gauge or compare performance in terms of meeting their strategic and operational goals.

     

  7. Value Proposition: An innovation, service, or feature intended to make a product or company attractive to customers.

     

  8. Business Model: A plan for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing.

     

  9. Competitive Advantage: A condition or circumstance that puts a company in a favorable or superior business position.

     

  10. Market Analysis: The research and analysis of the market for a particular product or service, including the analysis of the market trends, customer preferences, and competitive environment.

     

  11. Strategic Goals: Long-term, overarching goals that guide the direction of a business.

     

  12. Tactical Planning: The process of taking a strategic plan and breaking it down into specific, short-term actions and plans.

     

  13. Operational Planning: The process of planning strategic goals and objectives to tactical goals and objectives.

     

  14. Resource Allocation: The distribution of resources – including capital, personnel, and other assets – among various projects or business units.

     

  15. Risk Management: The process of identifying, assessing, and controlling threats to an organization’s capital and earnings.

     

  16. Balanced Scorecard: A strategic planning and management system used to align business activities to the vision and strategy of the organization.

     

  17. Scenario Planning: A strategic planning method used to make flexible long-term plans based on varying scenarios that could impact the business.

     

  18. Stakeholder Analysis: Identifying and analyzing stakeholders to understand their needs and interests in relation to your business or project.

     

  19. Gap Analysis: A method of assessing the differences in performance between a business’s information systems or software applications to determine whether business requirements are being met and, if not, what steps should be taken to ensure they are met successfully.

     

  20. Portfolio Management: The centralized management of one or more project portfolios to achieve strategic objectives.

     

  21. Change Management: The approach to transitioning individuals, teams, and organizations to a desired future state.

     

  22. Corporate Governance: The mechanisms, processes, and relations by which corporations are controlled and directed.

     

  23. Organizational Structure: The system that outlines how certain activities are directed to achieve the goals of an organization.

     

  24. Strategic Business Unit (SBU): A fully functional unit of a business that has its own vision and direction.

     

  25. Diversification Strategy: A corporate strategy to enter into a new market or industry in which the business doesn’t currently operate, while also creating a new product for that new market.

     

  26. Mergers and Acquisitions (M&A): Aspects of strategic management, corporate finance, and management dealing with the buying, selling, dividing, and combining of different companies and similar entities.

     

  27. Benchmarking: The process of comparing one’s business processes and performance metrics to industry bests or best practices.

     

  28. Core Competencies: The main strengths or strategic advantages of a business.

     

  29. Business Process Reengineering (BPR): The analysis and redesign of workflows within and between enterprises.

     

  30. Strategic Alignment: Aligning a company’s strategy with its resources and capabilities.

     

  31. Corporate Strategy: The overall scope and direction of a corporation and the way in which its various business operations work together to achieve particular goals.

     

  32. Exit Strategy: A strategic plan to sell one’s ownership in a company.

     

  33. Market Penetration: The activity or strategy of increasing the market share of an existing product, or promoting a new product, through strategies such as bundling, advertising, lower prices, or volume discounts.

     

  34. Organizational Culture: The behavior of humans within an organization and the meaning that people attach to those behaviors.

     

  35. Sustainability Planning: Planning for the long-term success of a business or project, particularly regarding environmental, economic, and social sustainability.

 

 

 

 

These terms encompass various aspects of strategic planning, including goal setting, analysis, resource allocation, and long-term direction setting, crucial for the sustainable growth and success of a business.

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