What are the types of strategic control?

Strategic Control – 4 Major Types: Premise, Implementation, Strategic Surveillance and Special Alert Control.

What are the four strategic controls?

The four types of strategic control are premise control, implementation control, special alert control and strategic surveillance. Each one provides a different perspective and method of analysis to maximize the effectiveness of your business strategy.

What are the 3 different type and strategies of control?

Strategic controls are mainly of 3 types: Financial Controls. Output Controls. Behavior Controls.

Which strategy includes?

Strategy generally involves, setting goals and priorities, determining actions to achieve the goals, and mobilizing resources to execute the actions. A strategy describes how the ends (goals) will be achieved by the means (resources).

What is meant by strategic control?

Strategic control is the process used by organizations to control the formation and execution of strategic plans; it is a specialised form of management control, and differs from other forms of management control (in particular from operational control) in respects of its need to handle uncertainty and ambiguity at …

How do you define strategic control?

Strategic control is a method of managing the execution of a strategic plan. It’s considered unique in the management process, as it can handle the unknown and ambiguous while tracking a strategy’s implementation and the subsequent results.

What is the basis of strategy?

Strategy is defined as “the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals.” Strategies are Page 2 2 of 8 established to set direction, focus effort, define or clarify the organization, and provide …

What are the key elements in the strategic management process?

The strategic management process is made up of four elements: situation analysis, strategy formulation, strategy implementation, and strategy evaluation. These elements are steps that are performed, in order, when developing a new strategic management plan.

What are strategic options in business?

Strategic options are the instruments, choices and actions that link together the evidences emerging from the strategic analysis process with the actions a firm has to choose to modify its business model so as to realize the strategic vision.

What is strategic formulation?

Strategy formulation is the process of using available knowledge to document the intended direction of a business and the actionable steps to reach its goals. This process is used for resource allocation, prioritization, organization-wide alignment, and validation of business goals.

What are the three components of strategy as described by Chandler?

Strategy is comprised of three parts: Vision, Goals, and Initiatives: Vision describes who the customers are, what customers need, and how you plan to deliver a unique offering.

What are examples of strategic options?

Other Examples of Strategic Alternatives
  • Concentration, such as vertical or horizontal growth.
  • Diversification, such as concentric or conglomerate.
  • Stability, which involves following a steady course and trying to maintain profits.
  • Turnaround.
  • Divestiture/sale.
  • Liquidation.

What are the 5 generic strategies?

What are Porter’s Generic Strategies?
  • Cost Leadership Strategy.
  • Differentiation Strategy.
  • Cost Focus Strategy.
  • Differentiation Focus Strategy.

What is McKinsey strategy?

Strategy is a way of thinking about your business, not a set of procedures or frameworks. To inspire that kind of thinking (and the dialogue that accompanies it), a team of McKinsey consultants developed ten tests to help executives assess their strategies.

What are the 11 alternative strategies?

There are 11 alternative strategies; forward integration which means gaining ownership or increased control over distributors and retailers, backward integration which is seeking ownership or increased control of a firm’s suppliers, horizontal integration which is seeking ownership or increased control over competitors …

What are the 3 generic strategies?

According to Porter’s Generic Strategies model, there are three basic strategic options available to organizations for gaining competitive advantage. These are: Cost Leadership, Differentiation and Focus.

What is not strategy?

A strategy is not simply a plan. Having a plan does not enough to constitute having a strategy. A strategy may contain a plan for implementation, but a plan alone is not a strategy and a strategy is not simply a plan.

What are the three main branches of strategy research that make up the study of strategy?

A strategy has three branches: Context, Content and Prozess. The context concerns internal as well as external factors. The research deals with the industry analysis, the cultural analysis as well the resource-based view.

What are the 5 competitive strategies according to Porter?

What Are Porter’s Five Forces?
  • Competitive Rivalry.
  • Supplier Power.
  • Buyer Power.
  • Threat of Substitution.
  • Threat of New Entry.

How many strategies are there?

For better clarification of the term strategy, we should distinguish among three forms of strategy: general strategy, corporate strategy, and competitive strategy.