Corporate Strategy: An Introduction (Johnson, G. & Scholes, K Exploring corporate strategy: text and cases. Ed. ke-3. New York: Prentice Hall)

The Vocabulary of Strategy TERMDEFINITIONA PERSONAL EXAMPLE MissionOverriding premise in line with the values or expectations of stakeholders Be healthy and look good GoalGeneral statement of aim or purposeLose weight ObjectiveQuantification (if possible) or more precise statement of the goal Lose 10 pounds by 1 September StrategiesBroad categories or types of action to achieve objectives Diet and exercise Actions/ Tasks Individual steps to implement strategies (perhaps related to operational issues or identified individuals) Eliminate desserts/snacks/ butter… Swim every day ControlThe monitoring of action steps to: reinforce objectives Hopefully leading to: assess effectiveness of strategies and actions…and/or… modify strategies and/or actions as necessary Weigh first thing every morning: if satisfactory progress, do nothing; if not, consider other strategies and actions RewardsA payoff for reaching the objectiveBuy a new suit

A Basic Model of the Strategic Management Process Strategic Analysis Strategy Implementation Strategic Choice