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Management Chapter-9
Robbins & Coulter 11th Edition
| Question | Answer |
|---|---|
| Strategic Management | what managers do to develop the organization's strategies |
| Strategies | the plans for how the organization will do what it's in business to do, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve its goals |
| Business Model | how a company is going to make money |
| Strategic Management Process | a six-step process that encompasses strategic planning, implementation, and evaluation |
| Opportunities | positive trends in the external environment |
| Mission | a statement of an organization's purposes |
| Threats | negative trends in the external environment |
| Resources | an organization's assets that are used to develop, manufacture, and deliver products to its customers |
| Strengths | any activities the organization does well or any unique resources that it has |
| Corporate Strategy | an organizational strategy that determines what businesses a company is in or wants to be in and what it wants to do with those businesses |
| Capabilities | an organization's skills and abilities in doing the work activities needed in its business |
| Weaknesses | activities the organization does not do well or resources it needs but does not possess |
| Growth Strategy | a corporate strategy that's used when an organization wants to expand the number of markets served or products offered, either through its current business(es) or through new business(es) |
| Core Competencies | the organization's major value-creating capabilities that determine its competitive weapons |
| SWOT Analysis | an analysis of the organization's strengths, weaknesses, opportunities, and threats |
| Stability Strategy | a corporate strategy in which an organization continues to do what it is currently doing |
| Renewal Strategy | a corporate strategy designed to address declining performance |
| BCG Matrix | a strategy tool that guides resorce allocation decisions on the basis of market share and growth state of SBUs |
| Competitive Strategy | an organizational strategy for how an organization will compete in its business(es) |
| Strategic Business Unit(SBU) | the single independent businesses of an organization that formulate their own competitive strategies |
| Competitive Advantage | what sets an organization apart; its distinctive edge |
| Functional Strategy | the strategies used by an organization's various functional departments to support the competitive strategy |
| Strategic Leadership | the ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create a viable and valuable future for the organization |
| Strategic Flexibility | the ability to recogniza major external changes, to quickly commit resources, and to recognize when a strategic decision was a mistake |
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