Terminology

Term Definition
Strategic Is an ongoing process that evaluates and controls the business and the industries
management in which the company is involved; assesses its competitors and sets goals and
strategies to meet all existing and potential competitors; and then reassesses each
strategy annually or quarterly [i.e. regularly] to determine how it has been implemented
and whether it has succeeded or needs replacement by a new strategy to meet
changed circumstances, new technology, new competitors, a new economic
environment., or a new social, financial, or political environment.
Environmental Is the monitoring, evaluating and disseminating of the information from the external
scanning and internal environments to key people within the corporation.
Strategy Is the development of long-range plans for the effective management of environmental
formulation opportunities and threats, in light of corporate strengths and weaknesses (SWOT).

Terminology

Term Definition
Strategy Is a process by which strategies and policies are put into action through the
Implementation development of programs, budgets, and procedures. This process might involve
changes within the overall culture, structure, and/or management system of the
entire organization. Except when such drastic corporate wide changes are needed,
however, the implementation of strategy is typically conducted by middle and
lower-level managers, with review by top management.
Evaluation and Is a process in which corporate activities and performance results are monitored
control so that actual performance can be compared with desired performance.
Ethics is the The process of examining the moral standards of a person or society to determine
study of moral whether these standards are reasonable or unreasonable in order to apply them to
standards concrete situations and issues. The ultimate aim of ethics is to develop a body of
moral standards that we feel are reasonable to hold - standards that we have thought
about carefully and have decided are justified standards for us to accept and apply
to the choices that fill our lives.
Business ethics Concentrates on the moral standards as they apply to business policies, institutions,
and behavior. Business ethics, in other words, is a form of applied ethics.