Learn common strategic management terms!
It's vital that everyone is on the same page when discussing strategy. Download our free glossary of strategic management terms that you can keep handy at all times!
Here's a sample of the terms covered in the glossary:
One of the steps required to complete a process.
The examination and close scrutiny of data and information without the introduction of opinions, biased perceptions of the data and information, or evaluative statements.Balanced Scorecard
(ASP) Developed by Kaplan and Norton, the concept of a “balanced scorecard” stressed the need to monitor, measure and control strategic performance within four perspectives: Financial, Customer, Internal Business Process, and Learning and Growth. The main value of the balanced scorecard model lies in its emphasis on forging a balanced approach to measuring and managing strategic control factors. It remains for each organization to identify its own key strategy, strategic objectives, strategic initiatives and strategic measurements.
The organization’s actual performance level from the most recent reporting period.
A third-party comparison point on performance, e.g. industry standard, published statistics, peer comparison, etc.
The Business Model Canvas is a strategic management and lean startup template for developing new or documenting existing business models. It is a visual chart with elements describing a firm's or product's value proposition, infrastructure, customers, and finances.Cascading
Cascading is arranging strategic devices (objectives) to ensure collaboration and cooperation downward through all levels of the organizational system in a connected series or sequence, similar to a waterfall, so that the intended strategy is exhibited from leadership levels all the way to the customer-facing personnel.
The process of moving an organization, function, or process through a transformation process to a new and/or improved level of performance.
Competitive positioning is about defining how you'll “differentiate” your offering and create value for your market. It's about carving out a spot in the competitive landscape, putting your stake in the ground, and winning mindshare in the marketplace – being known for a certain “something.”