WGU D073 Best Practices in Management Objective Assessment 2023
1.Mission statement: What we are doing (has objectives that are
measurable) i.e what will be accomplished when will it be done how much will nbe done
2.Strategy: Also called an action plan is developed to achieve a vision
3.strategic management process: 4 step process to pursue a
vision strategic objective strategic formulation strategic implementation strategic evaluation
4.Strategic objectives | & analysis: This is an evaluation. An evaluation
that is best used with swot and pestle to help bridge the gap of long 1 / 4
term visions and short term decisions.
5.Strategic formulation: This step writes the goals and objectives based
on the information obtained from SWOT & pestle
6.swot: internal investigation to analyze strengths and weaknesses
as well as external appraisal of competitors
7.pestle: politics,economic,social,technology,legal,environmental
evaluation that may effect a companies strategy
8.strategic implementation: This is where the planning stops, often
called strate- gic execution should give training and allocate resources success often comes from proper tools and personal motivation
9.strategic evaluation | & control: Where performance measures are
taken because this stage is crucial.If it becomes apparent that the strategy is not working according to 2 / 4
plan, then new plans need to be formulated (see step 2) or organizational structures adjusted.Personnel may need to be retrained or shifted to other duties. The strategic management process may need to be reexamined or even redeveloped.2
10.Operational strategies: Is the method companies use to reach their
objec- tives. 3 / 4
through either a well integrated company competitive system Operations strategy can be summed up as the "how" that follows the "what" of business strategy. It includes the entire process of production from beginning to end. As with all aspects of business strategy, it should be customer-focused
11.corporate strategies: focus on seeing companies are
interconnected parts developed into a 4 step system.resource allocation, organizational design, portfolio management, strategic trade offs.
12.customer driven strategy: focus on customer
Offer many to a few Offer few to many Offer a broad range to a narrow market
13.Competitive strategies: 3 step process helps determine how to
price and market products.Cost leadership Differentiation
- / 4