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strategy
a coherent sequence of planned activities intended to realise a large or long-term goal
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strategic management
the activities undertaken by an organisation's senior managers to determine the organisation's long terms goals and objectives
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leader
the individual who is responsible for determining an organisations path into the future
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leadership
the art of guiding or inspiring others to follow
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mission
the reason why a business exists, and the goals that it is trying to accomplish
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mission statement
the articulation of an organisation's mission
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stakeholders
individuals and organisations that will be affected by a business' activities and decisions
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environmental analysis
evaluating the possible or probable effects of various forces and conditions on an organisation's survival and growth
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model
a simplified representation of something, created to give an idea of how something could or might look
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five forces model
a model used to assess an industry's attractiveness and potential for profitability. There are give forces in any industry that can help or hinder a business from successfully realising its mission
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cost leadership
a strategy that attempts to produce goods and services at the lowest possible cost, and to sell them to customers at a lower price than competitors
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differentiation
a strategy that attempts to attract customers by creating a product that is perceived to be unique or superior in some way
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focus
a strategy that concentrates on serving a particular market whose consumers have particular needs
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market penetration
a strategy that focuses on growing the business by selling more of the same products to the same customers
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market development
the strategy whereby a business attempts to find new groups of buyers as potential customers for its existing products and services
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product development
a strategy that involves creating new products or changing existing products to increase sales in current markets
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product extension
modifying an existing product to introduce novelty into what is familiar in hopes that it will excite consumers to purchase more
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portfolio effect
by selling a wide variety of products across a wide variety of markets, a business spreads its risk and reduces the negative consequence of one part of the business going into decline
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emergent strategy
a set of consistent actions and decisions which were not anticipated in the original strategy, but which emerge in reaction to events
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