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Glossary of Key Terms

Strategic Priorities

 

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DRAFT Strategy Statements

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Henry C. Foley
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Term      

Definition

Strategy

A strategy is a plan for organizing finite resources to achieve a specific objective

Strategy Statement

A concise (generally 35 words or less) phrase that captures an organization’s strategy by incorporating three key elements: objective, scope, and advantage

Objective

The single precise objective that will drive the organization for the next five years; it is specific, measurable and time bound

Scope

A description of the customer or offering, geographic location and level of vertical integration

Advantage

The customer value proposition and the unique activities that allow the organization alone to deliver it

Theme

An area of focus related to the strategy statement that can be explored further to help implement the strategy (e.g. increase enrollment

Lever

One or more activities that support a theme (e.g. recruit STEM students)

Projects

The tasks assigned to specific teams/people to explore the value and process of implementing a specific lever or activity within a lever

Disruptive Innovation

An innovation that creates a new market by applying a different set of values, which ultimately (and unexpectedly) overtakes an existing market

Customer Value Proposition

The product, service, or combination of the two that helps more effectively, reliably, conveniently, or affordably solve an important problem or satisfy a job-to-be-done at a given price

Reviewed 2013-08-12.