Adults

Adults/Unit 2: Strategic Management

Vocabulary

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Strategy

"Plan."

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Tactic

"Action step."

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Vision

"Future goal."

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Objective

"Goal."

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Execution

"Doing it."

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Milestone

"Key stage."

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Competitor

"Rival."

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Advantage

"Edge."

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Forecast

"Prediction."

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Quarter

"3 months."

Article

The Big Picture

Strategy is the art of war applied to business. It is deciding where to play and how to win. It is saying "No" to good ideas to focus on the best idea.

SWOT Analysis Strengths, Weaknesses, Opportunities, Threats. A classic tool. You must know your enemy and yourself.

Blue Ocean Strategy Don't fight in the "Red Ocean" full of sharks (competitors). Find a "Blue Ocean"—a new market where there is no competition. Create value, don't beat rivals.

KPIs and Milestones Strategy is useless without execution. Key Performance Indicators (KPIs) measure progress. "What gets measured gets managed."

Discussion

Questions

1Are you a strategic thinker?
2What is your 5-year plan?
3Why do companies fail?
4Is luck more important than strategy?
5What is a 'Unique Selling Point' (USP)?

Further Discussion

1Is long-term planning impossible in a fast world?
2Is constant growth sustainable?
3Is business war?

Practice

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A market with no competitors is a...

SWOT stands for Strengths, Weaknesses, Opportunities and...

A plan of action designed to achieve a long-term or overall aim is a...

An action or strategy carefully planned to achieve a specific end is a...

A thing aimed at or sought; a goal is an...

The carrying out of a plan, order, or course of action is...

A significant stage or event in the development of something is a...

A condition or circumstance that puts one in a favorable or superior position is an...

To predict or estimate (a future event or trend) is to...

10.

A period of three months typically used for financial reporting is a...

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