Key terms in strategic management are key to defining how one manages his business. They help make sense of a complex problem, and they give one a starting point from which to build a better solution. Often they lead you down a new path that seems so obvious. The one with the most key terms in strategic management is most likely the manager with the most key terms in strategic management.
The mission statement
must be well articulated and provide a description of the organization's medium
and short-term future objectives. For example, it could state the company's
long-term goal to become the largest provider of medical supplies in the
industry, and its short-term goals to become the largest provider of medical
office software in North America, Europe, and Asia.
In order to achieve either of these goals, a company would
need to develop a product, offer training, develop a marketing plan, hire sales
personnel and develop an inventory system.
A mission statement
has to be detailed and include a description of the steps necessary to reach
the company's objectives.
Here are the long-term issues that must be considered and
resolved if a company is to continue as a competitive enterprise. They are also
the most significant short-term risks. These issues are usually referred to as
short-term risks, due to their potential impact on the company in the
short-term.
This process is
called planning. It is a continuous activity throughout the life cycle of the
company and it involves the identification, analysis, creation of a solution,
implementation, and ongoing monitoring of the success of the program or
initiative.
Other considerations that may
be addressed by a good manager are the relationships between the various
individuals and departments involved and the relationships among the major
activities and systems of the organization.
A key term in strategic management is an essential component
in a manager's toolkit. It is important to note, however, that the dictionary
definition of a key term is a single word or phrase that is the most
significant information that is accessible to the general public.