Podcast
Questions and Answers
Which level of management is responsible for developing operational goals/plans?
Which level of management is responsible for developing operational goals/plans?
What type of strategy focuses on improving the efficiency of a business's operations?
What type of strategy focuses on improving the efficiency of a business's operations?
What is the primary focus of business strategy?
What is the primary focus of business strategy?
Which level of management typically plans the long-term development of the organization?
Which level of management typically plans the long-term development of the organization?
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What is the purpose of a company's mission statement?
What is the purpose of a company's mission statement?
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What is the main focus of the Faculty of Pharmacy's mission?
What is the main focus of the Faculty of Pharmacy's mission?
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What will the Faculty of Pharmacy be recognized for nationally?
What will the Faculty of Pharmacy be recognized for nationally?
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Which value is NOT mentioned as one of the core values of the Faculty of Pharmacy?
Which value is NOT mentioned as one of the core values of the Faculty of Pharmacy?
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What type of education does the Faculty of Pharmacy aim to provide?
What type of education does the Faculty of Pharmacy aim to provide?
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What role does the Faculty of Pharmacy aim to play in healthcare reforms?
What role does the Faculty of Pharmacy aim to play in healthcare reforms?
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What aspect does the Faculty of Pharmacy prioritize over material gain?
What aspect does the Faculty of Pharmacy prioritize over material gain?
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What is the purpose of a Core Business Statement in a strategic plan?
What is the purpose of a Core Business Statement in a strategic plan?
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In a strategic plan, what is the primary function of a Strategy Map?
In a strategic plan, what is the primary function of a Strategy Map?
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What is the main role of a Communication Plan in a strategic plan?
What is the main role of a Communication Plan in a strategic plan?
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How do Core Values and Beliefs contribute to a strategic plan?
How do Core Values and Beliefs contribute to a strategic plan?
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What is the significance of Operational Plans in the context of a strategic plan?
What is the significance of Operational Plans in the context of a strategic plan?
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What distinguishes Strategic Issues from Operational Plans in a strategic plan?
What distinguishes Strategic Issues from Operational Plans in a strategic plan?
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What is a key difference between Goals and Objectives?
What is a key difference between Goals and Objectives?
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According to Max E. Douglas's model for writing effective objectives, what is the correct order of components?
According to Max E. Douglas's model for writing effective objectives, what is the correct order of components?
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What is a key requirement of a SMART objective?
What is a key requirement of a SMART objective?
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What is a potential barrier that the text mentions in relation to an Action Plan?
What is a potential barrier that the text mentions in relation to an Action Plan?
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Why is it important for an Action Plan to include Key Performance Indicators (KPIs) and targets?
Why is it important for an Action Plan to include Key Performance Indicators (KPIs) and targets?
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In developing an effective Communications Plan, what should be considered?
In developing an effective Communications Plan, what should be considered?
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What is the main goal of a growth strategy according to the text?
What is the main goal of a growth strategy according to the text?
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Which strategy is characterized by a company reducing its size in an environment of decline?
Which strategy is characterized by a company reducing its size in an environment of decline?
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What does the differentiation strategy aim to achieve in terms of market positioning?
What does the differentiation strategy aim to achieve in terms of market positioning?
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Which model provides a framework for strategic planning with components like 'Where we are' and 'Where we want to be'?
Which model provides a framework for strategic planning with components like 'Where we are' and 'Where we want to be'?
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What does the SWOT matrix help managers develop?
What does the SWOT matrix help managers develop?
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According to Porter’s Forces Model, which force relates to the threat posed by new entrants in an industry?
According to Porter’s Forces Model, which force relates to the threat posed by new entrants in an industry?
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'Benchmarking' is defined as:
'Benchmarking' is defined as:
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'Core competency' is defined as:
'Core competency' is defined as:
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'ISO 9000 series' standards are designed to reflect:
'ISO 9000 series' standards are designed to reflect:
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Study Notes
Strategic Management Process
- The strategic management process involves planning at different levels of the organization.
Levels of Goals/Plans
- Mission Statement: External message, legitimacy for investors, customers, suppliers, and community.
- Strategic Goals/Plans: Senior management, organization as a whole.
- Tactical Goals/Plans: Middle management, major divisions, functions.
- Operational Goals/Plans: Lower management, departments, individuals.
Types of Strategies
- Functional Strategy: Strategies developed to improve the efficiency of business operations, also called operational strategy (e.g., marketing, HR, production, R&D).
- Business Strategy: Plans to gain competitive advantage over competitors in a market (e.g., cost leadership, differentiation, focus).
- Corporate Strategy: Strategies aimed at long-term development of the organization (e.g., internal development, takeover, merger, strategic alliances).
Strategic Plan
- Vision: Developing a clear understanding of the preferred future.
- Mission: Developing a sound statement about why the organization exists.
- Core Values and Beliefs: Describes behaviors and ideas important to the organization.
- Strategic Issues: Identifying critical issues, assessing internal and external environments, and developing goals and action plans.
- Operational Plans: How to achieve the vision.
- Components of Strategic Plan: Assessing internal and external environments, developing goals and detailed action plans, and identifying critical strategic issues.
Grand Strategies
- Growth Strategy: Increasing the level of operations.
- Retrenchment Strategy: Reducing size, usually in an environment of decline.
- Stability Strategy: Absence of significant change.
Strategic Planning Model
- Assessment: Evaluating internal and external environments.
- Baseline: Identifying where the organization is currently.
- Components Down to Specifics: Breaking down goals into specific objectives.
- How Are We Doing: Evaluating progress.
- SWOT Analysis: Identifying strengths, weaknesses, opportunities, and threats.
SWOT Analysis
- Strengths: Internal resources available or things done well.
- Weaknesses: Resources lacking or activities not done well.
- Opportunities: Positive external environmental factors.
- Threats: Negative external environmental factors.
Assessment Models
- PEST Analysis: Analyzing political, economic, socio-cultural, and technological environment.
- Porter's Forces Model: Analyzing the external environment for competition.
Strategy-Formulation Analytical Framework
- Matching Stage: Developing strategies based on SWOT analysis.
Goals vs. Objectives
- GOALS: Broad in scope, directly related to the mission, covers long time period.
- OBJECTIVES: Narrow in scope, indirectly related to the mission, covers short time period.
Writing Effective Objectives
- SMART: Specific, measurable, achievable, relevant, and time-bound.
Action Plan
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Must Include:
- KPI and targets
- What will be done
- Who will do it
- Timeline
- Resources
- Potential barriers
Key Performance Indicator
- Achievement: Measuring progress.
Communication Plan
- Who Is Involved?: Identifying stakeholders.
- What Methods?: Choosing communication methods.
- How Often?: Determining frequency of communication.
Management Tool
- Balanced Scorecard: Monitoring progress.
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Description
Test your knowledge on different types of grand strategies such as Growth, Retrenchment, and Stability strategies. Explore Growth Strategies like Ansoff's Product-Market Expansion Grid and competitive business tactics.
