Strategy and Policy

1. strategies: a course of action to achieve objectives (how you achieve your objectives)

An objective should be focused, but a strategy should be wide ranging.

2. strategic planning: plans with strategies

3. tactics: more specific action plans for strategies

4. external factors: e.g., laws, economic climate

5. internal factors:

e.g., financial resources, technical ", social " 

In strategic planning, external and internal factors should be 
defined in relation to the objectives.

6. TOWS matrix:

E X T E R N A L

INTERNAL       Strengths    Weaknesses   Opportunities            S - O     Advertise        W - O Develop         Threats            S - T Compete        W - T Retreat

Checklist for

T,O,W,S:

• People: knowledge, skills, relationships
• Data: trends, uncertainty
• Things: $, law

It is equally important to recognize threats and weaknesses 
as it is to recognize strengths and opportunities..

7. Bounded rationality: rational action is limited by various factors:

• lack of information, time, resources
• unclear goals
• unwillingness to take risks

  For these reasons, strategies should be reviewed 
  in the context of time frames, risks, time, resources, and goals.

8. Satisficing: decisions considered sub-optimal but "good enough"

9. Brainstorming: a technique for generating ideas.

The key concept behind brainstorming is that criticism

is not allowed until after all the ideas are generated.

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For more information,  try:   management