DECA Strategic Management Instructional Area
Define business mission (SM:009) (ON)
Definition: A business mission is a statement that outlines the purpose and values of a business. It is a concise description of the company's goals and objectives, and how it plans to achieve them. It is often used to guide decision-making and provide direction for the company's operations.
Explain the nature of business plans (SM:007) (MN)
Definition: A business plan is a document that outlines the goals, strategies, and objectives of a business. It is used to provide a roadmap for the business and to help secure funding from investors. It typically includes an executive summary, market analysis, competitive analysis, financial projections, and a description of the business's products and services. A business plan is essential for any business, as it helps to ensure that the business is on track to reach its goals.
Conduct an organizational SWOT (SM:010) (ON)
Definition: A SWOT analysis is a tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats of an organization. It is a strategic planning tool used to identify the internal and external factors that can affect the success of an organization. The SWOT analysis helps to identify areas of improvement, potential opportunities, and potential threats. It is important to consider all aspects of the organization when conducting a SWOT analysis in order to gain a comprehensive understanding of the organization's current situation.
Develop business plan (SM:013) (ON)
Definition: A business plan is a document that outlines the goals, strategies, and resources needed to start and grow a business. It is an essential tool for entrepreneurs to develop and communicate their vision to potential investors, partners, and other stakeholders. Developing a business plan involves researching the market, analyzing the competition, and creating a detailed roadmap for success. It should include financial projections, marketing plans, and operational plans. A well-crafted business plan can help entrepreneurs secure financing, attract investors, and launch successful businesses.
Analyze operating results in relation to budget/industry (SM:005) (MN)
Definition: Analyzing operating results in relation to budget and industry standards is an important part of financial management. This process involves comparing actual operating results to the budgeted amounts and to industry averages. This comparison helps to identify areas of potential improvement and areas where the company is performing better than expected. It also helps to identify areas where the company may need to adjust its budget or operations in order to remain competitive. By analyzing operating results in relation to budget and industry standards, companies can make informed decisions about their operations and financial strategies.
Develop company goals/objectives (SM:008) (ON)
Definition: Company goals/objectives are the long-term plans that a company sets in order to achieve its desired outcomes. These objectives should be specific, measurable, achievable, relevant, and time-bound (SMART). Examples of company goals/objectives could include increasing sales by 10% in the next year, launching a new product line, or expanding into a new market. Setting clear and achievable goals/objectives is essential for a company to reach its desired outcomes.
Develop action plans (SM:012) (ON)
Definition: Developing action plans involves creating a detailed plan of action that outlines the steps necessary to achieve a goal. This plan should include specific tasks, timelines, and resources needed to complete the goal. It should also include a timeline for completion and a system for tracking progress. Action plans should be regularly reviewed and updated as needed to ensure that the goal is achieved in a timely manner.
Explain external planning considerations (SM:011) (MN)
Definition: External planning considerations refer to the factors that must be taken into account when planning a project or event. These considerations include external stakeholders, such as government agencies, local businesses, and the public, as well as external resources, such as funding, materials, and labor. It is important to consider these external factors when planning a project or event, as they can have a significant impact on the success of the project or event.
Identify and benchmark key performance indicators (e.g., dashboards, scorecards, etc.) (SM:027) (MN)
Definition: Identifying and benchmarking key performance indicators (KPIs) is an important part of any business strategy. KPIs are metrics that measure the performance of a business against its goals. Dashboards and scorecards are two of the most common tools used to track KPIs. Dashboards provide a visual representation of KPIs, allowing users to quickly identify areas of improvement or areas of success. Scorecards provide a more detailed analysis of KPIs, allowing users to compare their performance against industry standards or competitors. By benchmarking KPIs, businesses can identify areas of improvement and develop strategies to reach their goals.
Explain the concept of management (SM:001) (CS)
Definition: Management is the process of planning, organizing, leading, and controlling resources within an organization to achieve its goals and objectives. It involves setting goals, developing strategies, allocating resources, and monitoring progress. Management is essential for any organization to be successful and to ensure that its operations are running smoothly. It is also important for managers to be able to motivate and inspire their employees to work towards the organization's goals.
Explain the nature of managerial ethics (SM:002) (MN)
Definition: Managerial ethics is the ethical principles and standards that guide the decisions and actions of managers in the workplace. It involves understanding the ethical implications of decisions and actions, and making sure that the organization's values and goals are met in a responsible and ethical manner. Managerial ethics also involves understanding the legal and regulatory requirements of the organization, and ensuring that these are followed. It is important for managers to be aware of the ethical implications of their decisions and actions, and to ensure that they are acting in the best interests of the organization.
Select and apply metrics for measuring organizational success (SM:074) (MN)
Definition: Organizational success can be measured in a variety of ways, depending on the goals and objectives of the organization. Common metrics for measuring organizational success include financial performance, customer satisfaction, employee engagement, and operational efficiency. Financial performance metrics measure the organization's ability to generate revenue and profits. Customer satisfaction metrics measure the level of customer satisfaction with the organization's products and services. Employee engagement metrics measure the level of employee engagement with the organization's mission and goals. Operational efficiency metrics measure the organization's ability to deliver products and services in a timely and cost-effective manner. By selecting and applying the appropriate metrics, organizations can measure their success and identify areas for improvement.
Explain the nature of risk management (SM:075) (SP)
Definition: Risk management is the process of identifying, assessing, and controlling potential risks that could have a negative impact on an organization. It involves analyzing the potential risks associated with a given activity or project, and then developing strategies to minimize or eliminate those risks. Risk management also involves monitoring and evaluating the effectiveness of the strategies implemented to reduce risk. The goal of risk management is to ensure that the organization is able to achieve its objectives while minimizing the potential for losses.
Track performance of business plan (SM:006) (MN)
Definition: Tracking the performance of a business plan such as sales, profits, customer satisfaction, and employee engagement. It is important to track performance regularly to ensure that the plan is on track and to identify areas for improvement. Additionally, tracking performance can help to identify potential risks and opportunities that can be addressed in the future.