Strategic Focus and Management

Name: Strategic Focus and Management
Author: William Smith

Learn how management uses strategic focus.

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Course: On-Demand

Let's look at the basic concepts of strategic focus and how you can incorporate it into your decision-making. We'll examine what it means to be strategic and the importance of having a strategic plan. We'll also dive into how strategic focus benefits both management and your company. After the internet came on the scene in the late 1980s, the global business environment became a smaller marketplace and businesses of any size could easily access it. Businesses learned to market and sell their goods and services in brand new places. Because of this new realm of possibilities, managers had to reevaluate their business model and, in most cases, align themselves with a more strategic focus than ever before. Strategic focus is a key concept that every business is recommended to adopt, but many organizations have a different perspective on what it means. Some organizations believe that strategic focus only refers to the specific order of business that the company will engage in which, when selected, requires next to no attention. Some believe that strategic focus only pertains to an organization's core business. In reality, strategic focus has become a key concept of business teachings. In general, a company that practices strategic focus is a one that's committed to establishing a competitive edge through the combination of passion, value, and competency. Passion refers to a company's commitment to its people, purpose, and mission. Passion can be used to inspire employees and motivate them to carry out your organization's goals. Your company's leaders can instill passion in employees by demonstrating it themselves in how they conduct business with the hope that their team will follow suit. Another aspect of strategic focus is how it's used to create value. Value refers to the intrinsic feeling that customers get when they purchase certain goods or services they feel are beneficial to them. Customers tend to purchase goods and services from businesses that create value. To employees, Value is the positive feeling they get from providing a beneficial good or service to the public. Employees who work for businesses that provide essential goods and services usually have pride in the organization they represent and will be better employees. When employees feel both valued and that they work for a company that provides value to its customers, their morale improves and turnover is usually reduced. Increased employee morale and reduced turnover can be included in an organization's basic strategic focus. Competency refers to the company's ability to be recognized as a leader in their field. Business competency aligns with personal competencies. Both our measurements or assessments of an individual organization's strengths and weaknesses. Both are often referred to as core competencies, which are what the organization is best known for. Business competencies help establish the organization as the premier provider of a particular good or service in their industry. This also goes a long way in helping them establish a competitive advantage against competitors. For example, businesses don't make money when they are shut down, so when they need someone to provide a good or service, they usually want to use a highly competent company. This usually ensures that the job is done right and the business won't have to worry about the issue repeating itself, but business competence doesn't come easily. A key factor in achieving it is that everyone in the organization knows its focus and mission.

Intermediate Provider : William Smith 3 Lessons · 13m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

This lesson introduces the basic concepts of strategic focus and how management can incorporate these ideas into their daily decision-making processes. The term strategic is defined, and the importance of having a strategic plan is explained. The lesson also explores how utilizing a strategic focus benefits not only the organization but the employees as well.

Learning Objectives

What You'll Learn

Explain what strategic focus is and how it applies to daily decision-making
Identify what makes strategic focus "strategic"
Describe how strategic focus benefits managers
Recognize how a strategic focus benefits both the organization and its employees
Incorporate strategic focus concepts into management decision-making processes

Key Takeaways

Strategic focus introduces basic concepts that management can incorporate into their daily decision-making processes.
The course defines the term "strategic" and explains the importance of having a strategic plan.
Utilizing a strategic focus benefits not only the organization but its employees as well.
Strategic focus offers specific benefits for managers.

Frequently Asked Questions

What does this course cover?

It introduces the basic concepts of strategic focus, defines the term "strategic," explains the importance of having a strategic plan, and explores how a strategic focus benefits the organization and its employees.

Who is this course for?

It is aimed at management, showing how they can incorporate strategic focus concepts into their daily decision-making processes.

What will I be able to do after completing this course?

You will be able to explain strategic focus, identify what makes strategic focus "strategic," and understand how strategic focus benefits managers.

What topics or lessons are included?

The lessons are: What is Strategic Focus?, What Makes Strategic Focus 'Strategic'?, and How Strategic Focus Benefits Managers.

What skills does this course help build?

It supports skills in strategic planning, strategic thinking, strategic decision making, strategic analysis, and strategic management.