Benchmarking
Using external comparisons to understand what is occurring in your company
Contingency Planning
Planning for alternative courses of action should your plain fail or situations change
Forecasting
Predicting what future conditions will be like
Mission Statement
A description of what an organization actually does, why it does it
Vision Statement
A description of what's important to you and can help guide you towards a decision or
objective
SWOT Analysis
Strengths, Weaknesses, Opportunities, Threats
Competitive Advantage
Comes from operating in successful ways that are difficult to imitate (e.g. processes,
innovation, IP)
Strategy
Comprehensive action plan that identifies long-term direction for an organization,
guiding resource utilization to accomplish goals with sustainable competitive
advantage
Distribution Alliance
Joining with distributor to accomplish product/service sales/distribution
E-Business Strategy
Use of internet to gain competitive advantage
BCG Matrix
Analyzes business opportunities according to market growth/market share
Controlling
Monitoring performance and taking action to ensure desired results
Feedforward Controls
Ensures directions and resources are right before work begins
Concurrent Controls
Focuses on what happens during work process
Feedback Controls
Takes place after an action is completed