Advantages of Linear Model of Communication

 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 most important part of a company's strategy is the mission statement. This is what states the overall mission of the company: to manufacture, sell or distribute a product or service, which is capable of meeting customer requirements, and in doing so in a manner consistent with the company's long-term competitive objectives.

 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.

 Companies create missions and objectives for specific purposes within their businesses. They may have a specific objective to develop a new product line, to increase the number of product lines, to increase sales, to improve customer service, or to reduce cost. Each of these specific objectives requires a detailed plan for how the company will achieve its specific objectives.

 A mission statement has to be detailed and include a description of the steps necessary to reach the company's objectives.

 Once the mission and objectives have been laid out, a company has established the specific methods by which it plans to achieve its objectives. The next step is to identify the critical issues that affect the success of its mission and objectives. T

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.

 Long-term and short-term risks and issues are considered in a step-by-step fashion in strategic management. The company must identify each issue, determine the effect it will have on its objectives, analyze the problem and come up with a solution. Once the solution has been arrived at, the next critical issue is to develop a solution that addresses the problems identified.

 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.

 Strategic managers use key terms in strategic management to clarify the meaning of the company's mission, purpose, and methods to achieve those objectives. A good manager will consider competing approaches and work to determine which will yield the greatest results. 

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.