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Chapter 10.2
Strategic Managment Process
8
Business
12th Grade
05/04/2010

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Term
Define Strategic Management
Definition
The application of the basic planning process at the highest levels of the company
Term
What are the 3 phases to the Strategic Management Approach?
Definition
1. Formulating Strategy
2. Mission Statement
3. Evaluation
Term
What are concise statements that provide direction for employees and set standards for achieving the company's strategic plan.
Definition
Goals
Term
What are Policies within a company?
Definition
Policies are broad general guides that establish boundaries within employees must operate.
Term
This is a detailed series of related steps or tasks written to implement a policy.
Definition
Procedure
Term
SWOT Analysis ~ What does SWOT stand for?
Definition
Strengths, Weaknesses, Opportunities, and Threats
Term
This is the action stage of strategic managment
Definition
Implementing strategy
Term
Evaluating Strategy
Definition
The process of continuously monitoring the company's progress toward its long-range goals and mission.
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