External and Customer Analysis

Topics: Strategic management, Management, Strategic planning Pages: 5 (1338 words) Published: March 24, 2011
Strategy Resources
Action Item
Definition: A unit within an action plan. Each action item should include the following: Person responsible Measure of success Due date
Action Plan
Definition: A set of tasks assigned to an individual or team that lists targets for each task as well as due dates, responsible persons, and measures for success. Action plans illustrate for individuals or teams how they will affect the completion of organization-wide objectives Balanced Scorecard

Definition: Popularized by Robert Kaplan and David Norton, the Balanced Scorecard is a method for monitoring whether a company is meeting or will meet its strategic objectives. Key Performance Indicators (both lagging and leading) are broken into 4 areas of focus: Financial, Customers, Operational and People. These indicators are monitored on a regular basis and [...] Benchmarking

Definition: Comparing a company’s current position to that of established standards for their industry or other industries. Benchmarking can also occur between two or more different companies. Business Plan

Definition: A formal statement of a company’s objectives and how it plans to meet them. Business Plans are most often created for new companies looking for start-up funding, while strategic plans are actual guiding documents that companies use to align tasks to strategic priorities. Buyer Segment

Definition: A collection of an organization’s customers who all share similar needs. Businesses segment their customers into needs-based groups in order to tailor their products/services or messages to better satisfy them. Competitive Advantage

Definition: A characteristic of an organization that allows it to meet their customer’s need(s) better than their competition can. Corporate Social Responsibility
Social Responsibility, specifically, Corporate Responsibility is the concept that businesses and organizations are obligated to make a positive impact on their stakeholders. Differentiation
Definition: A company’s efforts to stand out from their competitors in the minds of their target audience. Effectiveness
Definition: In business and manufacturing, effectiveness is determined by amount of output. If output can be increased without an increase of input, then a process is said to have become more effective. Efficiency

Definition: In business and manufacturing, efficiency is determined by amount of input consumed in order to give a certain output. If a process can maintain a certain level of output while using less input, then it is said to have increased in efficiency. Environmental Scan

Definition: A method of collecting data on elements that are external to the organization, in order to use the data for guiding decisions on the organization’s strategic direction. External Analysis

Definition: The External Analysis examines opportunities and threats that exist in the environment. Both opportunities and threats exist independently of the firm. The way to differentiate between a strength or weakness from an opportunity or threat is to ask: Would this issue exist if the company did not exist? If the answer is yes, it [...] Financial Assessment

Definition: A tool used to determine whether your strategic plan makes financial sense. Do the estimated revenue projections exceed your estimated expenses? Functional Approach
The Functional Approach to leadership is a perspective that defines a leadership role by the functions or responsibilities of the person holding that role, rather than a list of traits or behaviors. See Integrating Mission and Strategy for Nonprofit Organizations for more information.

Gantt Chart
Definition: A graphical representation of tasks necessary to complete a given project, illustrating which tasks are dependent on others and how long each is expected to take. Scorecard, Plan, Implementation Implementation

Definition: The realization of a strategic plan, implementation is the completion of the actions and tasks that the plan laid...
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