Strategic purchasing aims to maximize benefits and manage costs by promoting efficient use of materials throughout a company. It involves spend analysis, keeping up with current and projected needs, building relationships with suppliers, and automating the planning process. It is an ongoing process that involves interaction between purchasing professionals, suppliers, and management. Strategic purchasing is […]
The Strategic Petroleum Reserve is the US government’s emergency oil reserve, containing 700 million barrels of oil worth over $88 billion. It could supply the country for two months, but only a third of daily needs. It was established in 1975 after the 1973-74 oil embargo, and consists of four sites on the Gulf of […]
Strategic performance management involves evaluating a company’s effectiveness and efficiency, setting goals, measuring performance, and making changes to improve performance. It uses both quantitative and qualitative tools, including Six Sigma, Balanced Scorecarding, Activity Based Evaluation, and Total Quality Management. These methods focus on reducing errors, outlining financial perspectives, allocating costs, and improving product quality and […]
Strategic reporting helps companies answer questions about progress, performance, and results against specific objectives. It can include metrics, historical context, and future projections, and requires clear and explicit questions. Software programs can collect data and generate visual representations, while consulting firms can provide specialized assistance. Strategic reporting allows companies to answer questions regarding progress, results […]
“Strategic investments” can refer to safe investments made with the advice of a consulting firm, or to a company’s long-term investment in a smaller company. Startups can benefit from strategic investments, and struggling companies can use them to gain capital and protection. These investments often come with a portion of control over the smaller company. […]
A strategy consultant identifies issues and creates a plan for a business to overcome them or achieve goals. To choose the best consultant, consider their experience, services, and price. Find someone with experience in your industry and the specific services you need, and balance that with your budget. A strategy consultant is typically an independent […]
Strategic account management involves developing and maintaining customer relationships to help achieve business goals. It includes competitor assessment, focusing on high-volume customers, and finding ways to add value to the relationship by helping clients make more money. The best strategic account management tips involve finding ways to develop, maintain, and expand customer relationships in order […]
A strategic customer is a customer who can collaborate with a business on product design and has an outstanding reputation in their field, improving the credibility of the partner firm and the resulting product. This type of partnership can also make the business more desirable as an acquisition. A customer is a person or organization […]
Strategic marketing is a long-term, consumer-based approach that identifies market segments and provides superior value. It involves market analysis and a written plan that includes product development, marketing communications, sales development, and customer service. Strategic marketing is a consumer-based approach to product promotion that identifies market segments and seeks to make them more profitable by […]
A strategic roadmap is a document used by businesses to guide future growth and development. It shows where the business is, where it wants to be, and the path to get there. It can include text and visual aids, outlining steps and obstacles to achieve goals. A strategic roadmap is a document that is used […]
Strategic sourcing involves planning, scheduling, and group purchasing to save costs and increase profitability. It requires group purchasing, centralized sourcing services, and sourcing data management systems. Effective communication and cooperation between business units and financial services are crucial. Group purchasing can negotiate lower costs per unit, and centralized procurement staff can reduce administrative costs. Procurement […]
Strategic human resource management benefits include selective hiring, optimal employee performance, and a constructive work environment. The primary objective is to acquire and maintain valuable human capital aligned with the company’s strategic goals. HR departments also maintain the employer/employee relationship and foster a positive work environment. There are several key benefits of strategic human resource […]
A strategic partnership agreement is a contract between two companies or organizations to work together for mutual benefit without affecting their organizational integrity. It allows for cooperative efforts and can be formalized through a binding contract to ensure compliance with legal and ethical standards. Collaborative agreements can also occur on an informal level. A strategic […]
A strategic environmental assessment (SEA) is a systematic review of a project’s impact on the environment, with the EU requiring its adoption. The assessment is used to inform the public and make a final decision on the feasibility of the project. If the project goes ahead, the SEA is used as the basis for a […]
A strategic planner gathers and interprets knowledge about an organization, including financials, operations, marketing, and public perception. They also consider external factors like competitors, customers, and the economy to make recommendations for future operations. This mid-career position often leads to promotion to top management or even CEO. A strategic planner works to provide a framework […]
Strategic capacity planning balances resources to achieve the best results and output while minimizing waste and costs. It involves understanding customer demand and market conditions to set manufacturing goals and identify cost-effective means of achieving them. A comprehensive approach includes raw material selection, manufacturing, administrative expenses, and shipping costs. Strategic capacity planning is a process […]
Strategic dynamics are used to evaluate business operations, often using a resource-based strategy model and diagrams to measure inputs and outputs. The novelty of the field means refinement may be necessary, and multiple tools may be needed for analysis. Many companies have a strong desire to evaluate the effectiveness and efficiency of business operations. Strategic […]
Strategic philanthropy involves companies partnering with non-profit organizations to help a worthy cause and increase brand awareness, which can benefit the company’s bottom line. This can be achieved through donations, providing resources, or forming long-term relationships. Companies must prioritize the charity’s benefits to avoid negative effects on public perception. Strategic philanthropy is a business concept […]
The strategic management process includes strategy formulation, implementation, and evaluation, with situation analysis often performed first. Methods such as SWOT or PEST can be used to determine the environment. The process is an ongoing cycle that allows for reassessment and improvement. There are usually 3-4 components of the strategic management process, depending on how the […]
Strategic communication is a plan for marketing and promoting a business, involving all levels of the organization. It requires strategic thinking and measurement tactics to increase sales and achieve business objectives. Strategic communication is a well thought out plan for marketing and promoting a business. It involves promoting and marketing a brand, product, or service […]
