Convenience

References:
“GM CEO: ‘Good Enough’ Isn’t,”
USA Today
,
August 5, 2013, p. 1B;
Hoover’s Handbook of American Busi-
ness 2013
(Austin: Mergent, 2013), pp. 381–383; “Mary Barra
Named GM CEO, Automaker’s First Female Chief,”
Forbes
,
December 10, 2013, pp. 23–24; “GM CEO Mary Barra
Admired by Fellow Auto Executives, Competitors,” http://
www.mlive.com/auto/, accessed on February 16, 2014.
operational plan
A plan that focuses
on carrying out
tactical plans to
achieve operational
goals
70
Part 2:
Planning
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THE NATURE OF STRATEGIC MANAGEMENT
A
strategy
is a comprehensive plan for accomplishing an organization’s goals.
Strategic
management
, in turn, is a way of approaching business opportunities and challenges—it
is a comprehensive and ongoing management process aimed at formulating and imple-
menting effective strategies. Finally,
effective strategies
are those that promote a superior
alignment between the organization and its environment and the achievement of strate-
gic goals.
11
The Components of Strategy
In general, a well-conceived strategy addresses three areas: distinctive competence,
scope, and resource deployment. A