Unit 6: Crafting Strategies and Tactics
Expert-defined terms from the Professional Certificate in Strategic Thinking for Adult Education Programs course at London School of Business and Administration. Free to read, free to share, paired with a globally recognised certification pathway.
Acceleration refers to the rate of change of velocity of an object, and in the c… #
Related terms include speed and velocity, which are essential in understanding how quickly an organization can adapt to changes in the market or industry. For instance, a company may need to accelerate the launch of a new product to stay ahead of the competition.
Accountability is the state of being accountable, which means being responsible… #
In strategic thinking, accountability is crucial in ensuring that individuals and teams are responsible for the outcomes of their strategies and tactics. Related terms include responsibility and answerability, which emphasize the importance of being accountable for one's actions. For example, a manager may be held accountable for the success or failure of a project.
Action plan is a detailed plan outlining the steps necessary to achieve a specif… #
In strategic thinking, an action plan is essential in translating a strategy into tangible actions and tasks. Related terms include tactics and implementation, which are critical in executing a strategy. For instance, an action plan may outline the specific steps necessary to launch a new marketing campaign.
Adaptability refers to the ability to adapt to changing circumstances or environ… #
In strategic thinking, adaptability is essential in responding to changes in the market or industry. Related terms include flexibility and agility, which emphasize the importance of being able to adjust to changing conditions. For example, a company may need to adapt its strategy to respond to a change in government regulations.
Alignment refers to the process of ensuring that all aspects of an organization… #
In strategic thinking, alignment is critical in ensuring that everyone is working towards the same objectives. Related terms include integration and coordination, which emphasize the importance of aligning all aspects of an organization. For instance, a company may need to align its marketing and sales strategies to ensure that they are working together effectively.
Analysis is the process of breaking down complex information or data into smalle… #
In strategic thinking, analysis is essential in understanding the strengths, weaknesses, opportunities, and threats facing an organization. Related terms include assessment and evaluation, which emphasize the importance of analyzing data to inform strategic decisions. For example, a company may conduct a SWOT analysis to understand its competitive position.
Assumption is a statement or belief that is assumed to be true, but may not be s… #
In strategic thinking, assumptions are often used to make decisions or predictions, but they can also be a source of error if they are not validated. Related terms include hypothesis and prediction, which emphasize the importance of testing assumptions. For instance, a company may assume that a new product will be successful, but this assumption may not be supported by market research.
Authorization refers to the process of giving someone the authority to make deci… #
In strategic thinking, authorization is essential in ensuring that individuals and teams have the necessary authority to execute a strategy. Related terms include delegation and empowerment, which emphasize the importance of giving individuals and teams the authority to make decisions. For example, a manager may authorize a team to make decisions about a project.
Benchmarking is the process of comparing an organization's performance or proces… #
In strategic thinking, benchmarking is essential in understanding how an organization compares to its competitors or industry leaders. Related terms include comparison and evaluation, which emphasize the importance of comparing an organization's performance to others. For instance, a company may benchmark its customer service processes against those of its competitors.
Brainstorming is a technique used to generate a large number of ideas or solutio… #
In strategic thinking, brainstorming is essential in identifying potential strategies or tactics. Related terms include idea generation and creative thinking, which emphasize the importance of generating new ideas. For example, a team may use brainstorming to generate ideas for a new marketing campaign.
Budgeting is the process of allocating financial resources to different activiti… #
In strategic thinking, budgeting is essential in ensuring that an organization has the necessary resources to execute its strategy. Related terms include resource allocation and financial planning, which emphasize the importance of allocating resources effectively. For instance, a company may need to budget for a new product launch.
Business model refers to the way in which an organization creates, delivers, and… #
In strategic thinking, a business model is essential in understanding how an organization generates revenue and creates value for its customers. Related terms include revenue stream and value proposition, which emphasize the importance of creating value for customers. For example, a company may develop a new business model to respond to changes in the market.
Change management refers to the process of planning, implementing, and monitorin… #
In strategic thinking, change management is essential in ensuring that an organization can adapt to changing circumstances or environments. Related terms include transformation and innovation, which emphasize the importance of managing change effectively. For instance, a company may need to manage change when implementing a new strategy or technology.
Communication is the process of exchanging information or ideas between individu… #
In strategic thinking, communication is essential in ensuring that everyone is aligned with the organization's strategy and goals. Related terms include information sharing and collaboration, which emphasize the importance of communicating effectively. For example, a company may need to communicate its strategy to its employees and stakeholders.
Competitive advantage refers to a unique benefit or attribute that sets an organ… #
In strategic thinking, a competitive advantage is essential in creating a sustainable strategy. Related terms include unique selling proposition and differentiation, which emphasize the importance of creating a competitive advantage. For instance, a company may develop a new product that is unique in the market.
Contingency planning refers to the process of identifying and preparing for pote… #
In strategic thinking, contingency planning is essential in ensuring that an organization is prepared for unexpected events or changes. Related terms include risk management and scenario planning, which emphasize the importance of preparing for potential risks. For example, a company may develop a contingency plan to respond to a natural disaster.
Core competence refers to a unique skill or capability that an organization poss… #
In strategic thinking, a core competence is essential in creating a sustainable strategy. Related terms include unique capability and competitive advantage, which emphasize the importance of developing a core competence. For instance, a company may develop a core competence in innovation or customer service.
Critical thinking is the process of analyzing information or data to form a judg… #
In strategic thinking, critical thinking is essential in evaluating the effectiveness of a strategy or tactic. Related terms include analysis and evaluation, which emphasize the importance of critical thinking. For example, a company may use critical thinking to evaluate the effectiveness of a marketing campaign.
Decision #
making is the process of making a choice or judgment, often based on analysis or evaluation of information or data. In strategic thinking, decision-making is essential in selecting a strategy or tactic. Related terms include choice and selection, which emphasize the importance of making informed decisions. For example, a company may use decision-making to select a new market to enter.
Deliberation is the process of careful consideration or discussion of a topic or… #
In strategic thinking, deliberation is essential in evaluating the potential consequences of a strategy or tactic. Related terms include analysis and evaluation, which emphasize the importance of careful consideration. For instance, a company may use deliberation to evaluate the potential risks and benefits of a new strategy.
Differentiation refers to the process of creating a unique or distinct identity… #
In strategic thinking, differentiation is essential in creating a competitive advantage. Related terms include unique selling proposition and branding, which emphasize the importance of creating a distinct identity. For example, a company may develop a unique brand identity to differentiate itself from its competitors.
Diversification refers to the process of expanding an organization's products or… #
In strategic thinking, diversification is essential in reducing risk and increasing opportunities. Related terms include expansion and growth, which emphasize the importance of diversifying an organization's products or services. For instance, a company may diversify its products to reduce dependence on a single market.
Empowerment refers to the process of giving individuals or teams the authority a… #
In strategic thinking, empowerment is essential in ensuring that individuals and teams have the necessary authority to execute a strategy. Related terms include delegation and authorization, which emphasize the importance of giving individuals and teams the authority to make decisions. For example, a manager may empower a team to make decisions about a project.
Evaluation refers to the process of assessing or judging the effectiveness or qu… #
In strategic thinking, evaluation is essential in determining the success or failure of a strategy or tactic. Related terms include assessment and analysis, which emphasize the importance of evaluating the effectiveness of a strategy or tactic. For instance, a company may evaluate the effectiveness of a marketing campaign.
Feedback refers to the process of providing information or comments about the pe… #
In strategic thinking, feedback is essential in identifying areas for improvement or adjustment. Related terms include evaluation and assessment, which emphasize the importance of providing feedback. For example, a company may provide feedback to its employees on their performance.
Flexibility refers to the ability to adapt or adjust to changing circumstances o… #
In strategic thinking, flexibility is essential in responding to changes in the market or industry. Related terms include adaptability and agility, which emphasize the importance of being able to adjust to changing conditions. For instance, a company may need to be flexible in responding to changes in customer demand.
Forecasting refers to the process of predicting or estimating future events or t… #
In strategic thinking, forecasting is essential in anticipating potential risks or opportunities. Related terms include prediction and projection, which emphasize the importance of forecasting future events or trends. For example, a company may forecast its sales revenue for the next quarter.
Gap analysis refers to the process of identifying the gap between an organizatio… #
In strategic thinking, gap analysis is essential in identifying areas for improvement or adjustment. Related terms include needs analysis and performance analysis, which emphasize the importance of identifying gaps in performance. For instance, a company may conduct a gap analysis to identify areas for improvement in its customer service.
Goal #
setting refers to the process of establishing specific, measurable, achievable, relevant, and time-bound (SMART) objectives. In strategic thinking, goal-setting is essential in creating a clear direction and focus for an organization. Related terms include objective and target, which emphasize the importance of setting clear goals. For example, a company may set a goal to increase its sales revenue by 10% within the next year.
Implementation refers to the process of putting a strategy or plan into action #
In strategic thinking, implementation is essential in executing a strategy or tactic. Related terms include execution and action, which emphasize the importance of putting a plan into action. For instance, a company may implement a new marketing strategy to increase its sales revenue.
Innovation refers to the process of creating new or improved products, services,… #
In strategic thinking, innovation is essential in creating a competitive advantage and staying ahead of the competition. Related terms include creativity and entrepreneurship, which emphasize the importance of innovation. For example, a company may develop a new product that is innovative and unique in the market.
Integration refers to the process of combining different components or systems t… #
In strategic thinking, integration is essential in ensuring that all aspects of an organization are aligned with its overall strategy and goals. Related terms include alignment and coordination, which emphasize the importance of integrating different components or systems. For instance, a company may integrate its marketing and sales strategies to ensure that they are working together effectively.
Leadership refers to the process of guiding, directing, or influencing individua… #
In strategic thinking, leadership is essential in creating a clear direction and focus for an organization. Related terms include management and direction, which emphasize the importance of leadership. For example, a manager may provide leadership to a team to achieve a common goal.
Market analysis refers to the process of analyzing and understanding the market… #
In strategic thinking, market analysis is essential in understanding the strengths, weaknesses, opportunities, and threats facing an organization. Related terms include market research and competitive analysis, which emphasize the importance of analyzing the market or industry. For instance, a company may conduct a market analysis to understand its competitive position.
Mission statement refers to a statement that defines an organization's purpose,… #
In strategic thinking, a mission statement is essential in creating a clear direction and focus for an organization. Related terms include vision statement and values statement, which emphasize the importance of defining an organization's purpose and values. For example, a company may develop a mission statement that defines its purpose and goals.
Objectives refer to specific, measurable, achievable, relevant, and time #
bound (SMART) goals that an organization seeks to achieve. In strategic thinking, objectives are essential in creating a clear direction and focus for an organization. Related terms include goals and targets, which emphasize the importance of setting clear objectives. For instance, a company may set an objective to increase its sales revenue by 10% within the next year.
Operations refers to the day #
to-day activities and processes that an organization uses to create and deliver its products or services. In strategic thinking, operations are essential in executing a strategy or tactic. Related terms include management and administration, which emphasize the importance of managing an organization's operations. For example, a company may need to manage its operations to ensure that it is delivering high-quality products or services.
Organizational culture refers to the values, beliefs, and behaviors that are sha… #
In strategic thinking, organizational culture is essential in shaping an organization's strategy and goals. Related terms include corporate culture and work culture, which emphasize the importance of culture in shaping an organization's behavior.
Partnership refers to a collaborative relationship between two or more organizat… #
In strategic thinking, partnerships are essential in creating mutually beneficial relationships and achieving common goals. Related terms include collaboration and alliance, which emphasize the importance of working together. For example, a company may form a partnership with a supplier to reduce costs and improve quality.
Performance measurement refers to the process of assessing or evaluating an orga… #
In strategic thinking, performance measurement is essential in determining the success or failure of a strategy or tactic. Related terms include evaluation and assessment, which emphasize the importance of measuring performance. For instance, a company may use performance measurement to evaluate the effectiveness of a marketing campaign.
Planning refers to the process of developing a detailed plan or strategy to achi… #
In strategic thinking, planning is essential in creating a clear direction and focus for an organization. Related terms include strategy and tactics, which emphasize the importance of planning. For example, a company may develop a plan to launch a new product.
Positioning refers to the process of creating a unique or distinct identity or i… #
In strategic thinking, positioning is essential in creating a competitive advantage. Related terms include branding and differentiation, which emphasize the importance of creating a distinct identity. For instance, a company may develop a unique brand identity to differentiate itself from its competitors.
Problem #
solving refers to the process of identifying and resolving problems or challenges. In strategic thinking, problem-solving is essential in addressing potential risks or opportunities. Related terms include analysis and evaluation, which emphasize the importance of analyzing problems and evaluating potential solutions. For example, a company may use problem-solving to address a supply chain disruption.
Process refers to a series of steps or activities that an organization uses to c… #
In strategic thinking, processes are essential in executing a strategy or tactic. Related terms include procedure and protocol, which emphasize the importance of following established processes. For instance, a company may have a process for handling customer complaints.
Product development refers to the process of creating new or improved products o… #
In strategic thinking, product development is essential in creating a competitive advantage and staying ahead of the competition. Related terms include innovation and research and development, which emphasize the importance of creating new products or services.
Quality refers to the degree to which an organization's products or services mee… #
In strategic thinking, quality is essential in creating a competitive advantage and building customer loyalty. Related terms include excellence and standards, which emphasize the importance of meeting customer needs and expectations. For instance, a company may have a quality control process to ensure that its products meet customer standards.
Resource allocation refers to the process of assigning or distributing resources… #
In strategic thinking, resource allocation is essential in ensuring that an organization has the necessary resources to execute its strategy. Related terms include budgeting and financial planning, which emphasize the importance of allocating resources effectively. For example, a company may allocate resources to different departments based on their priorities.
Risk management refers to the process of identifying, assessing, and mitigating… #
In strategic thinking, risk management is essential in minimizing potential risks and maximizing opportunities. Related terms include risk assessment and risk mitigation, which emphasize the importance of managing risk. For instance, a company may develop a risk management plan to mitigate potential risks associated with a new project.
Scenario planning refers to the process of imagining and preparing for potential… #
In strategic thinking, scenario planning is essential in anticipating potential risks or opportunities. Related terms include forecasting and prediction, which emphasize the importance of anticipating future events or trends. For example, a company may develop a scenario plan to prepare for potential changes in the market or industry.
Segmentation refers to the process of dividing a market or customer base into di… #
In strategic thinking, segmentation is essential in creating targeted marketing campaigns and improving customer satisfaction. Related terms include target marketing and customer segmentation, which emphasize the importance of understanding customer needs and preferences. For instance, a company may segment its customer base based on demographics or behavior.
Stakeholder analysis refers to the process of identifying and analyzing the need… #
In strategic thinking, stakeholder analysis is essential in understanding the needs and expectations of different stakeholders. Related terms include stakeholder management and stakeholder engagement, which emphasize the importance of managing stakeholder relationships. For example, a company may conduct a stakeholder analysis to understand the needs and expectations of its customers.
Strategic planning refers to the process of developing a long #
term plan or strategy to achieve an organization's goals and objectives. In strategic thinking, strategic planning is essential in creating a clear direction and focus for an organization. Related terms include strategic management and strategic thinking, which emphasize the importance of planning and thinking strategically. For instance, a company may develop a strategic plan to achieve its long-term goals.
Strategic thinking refers to the process of analyzing and evaluating information… #
In strategic thinking, strategic thinking is essential in creating a competitive advantage and staying ahead of the competition. Related terms include critical thinking and problem-solving, which emphasize the importance of thinking strategically. For example, a company may use strategic thinking to develop a new marketing strategy.
Supply chain management refers to the process of managing and coordinating the f… #
In strategic thinking, supply chain management is essential in ensuring that an organization can deliver high-quality products or services to its customers. Related terms include logistics and procurement, which emphasize the importance of managing the supply chain. For instance, a company may develop a supply chain management plan to improve its efficiency and reduce costs.
Sustainability refers to the ability of an organization to maintain its operatio… #
In strategic thinking, sustainability is essential in creating a competitive advantage and building customer loyalty. Related terms include corporate social responsibility and environmental sustainability, which emphasize the importance of being sustainable. For example, a company may develop a sustainability plan to reduce its environmental impact.
SWOT analysis refers to the process of identifying an organization's strengths,… #
In strategic thinking, SWOT analysis is essential in understanding the internal and external environment of an organization. Related terms include strengths, weaknesses, opportunities, and threats, which emphasize the importance of understanding an organization's internal and external environment. For instance, a company may conduct a SWOT analysis to understand its competitive position.
Tactics refer to specific actions or steps taken to achieve a strategic goal or… #
In strategic thinking, tactics are essential in executing a strategy or plan. Related terms include actions and steps, which emphasize the importance of taking specific actions to achieve a goal. For example, a company may develop a tactic to increase its sales revenue by 10% within the next year.
Teamwork refers to the process of collaborating and working together with others… #
In strategic thinking, teamwork is essential in creating a competitive advantage and building customer loyalty. Related terms include collaboration and partnership, which emphasize the importance of working together. For instance, a company may develop a teamwork plan to improve its communication and coordination.
Value chain refers to the series of activities or processes that an organization… #
In strategic thinking, value chain is essential in understanding how an organization creates value for its customers. Related terms include supply chain and value creation, which emphasize the importance of creating value for customers. For example, a company may develop a value chain plan to improve its efficiency and reduce costs.
Value proposition refers to the unique benefits or value that an organization of… #
In strategic thinking, value proposition is essential in creating a competitive advantage and building customer loyalty. Related terms include unique selling proposition and differentiation, which emphasize the importance of creating a unique value proposition. For instance, a company may develop a value proposition that emphasizes its commitment to quality and customer service.
Vision statement refers to a statement that defines an organization's long #
term goals and aspirations. In strategic thinking, vision statement is essential in creating a clear direction and focus for an organization. Related terms include mission statement and values statement, which emphasize the importance of defining an organization's purpose and values. For example, a company may develop a vision statement that defines its long-term goals and aspirations.