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Chapter 9
PoM - 9
| Term | Definition |
|---|---|
| BCG matrix | a tool used to evaluate the various business units in a corporation. |
| benchmarking | a performance evaluation technique where the standard for a firm’s performance is based on another firm’s superior performance. |
| business-level strategy | ways that single-product firms organize their activities to succeed against rivals; at this level, includes cost leadership and differentiation. |
| corporate strategy | the broadest level of strategy, concerned with decisions about growing, maintaining, or shrinking very large companies. |
| defensive strategy | a grand strategy pursued by companies facing challenges. |
| goal | something that a firm is trying to accomplish; can also be called an objective. |
| growth strategy | a grand strategy to increase the size of the firm in terms of revenue, market share, geographic reach, or a combination of these elements. |
| implementation | the execution of a strategy by planning and assigning actions to employees to carry out in order to accomplish the company’s strategic objectives. |
| international strategy | the level of strategy concerned with the large-scale actions involved in entering a brand-new geographic market. |
| long-term strategic plan | company actions to achieve an objective that will take a year or longer to accomplish. |
| mission statement | a general description of how the firm will try to accomplish the firm’s vision. |
| operational planning | first-line strategic planning, consisting of specific daily and short-term actions that employees will perform to make the company function. |
| performance measurement | the evaluation of the firm's activities to determine the success of those activities in helping the firm reach its strategic objectives. |
| plan | a decision to carry out a particular action in order to achieve a specific goal, including decisions about when and how the action should be accomplished and what resources will be required to carry out the action. |
| short-term strategic plan | company actions to achieve an objective in a time frame of a year or less. |
| SMART framework | an acronym for the characteristics of good goals: specific, measurable, achievable, relevant, and time-bound. |
| stability strategy | a grand strategy for a company that wants maintain its current income, market share, or geographic reach. |
| strategic analysis | the systematic examination of a firm’s internal and external situations that informs managerial decision-making. |
| strategic management process | the set of activities that the firm's managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace. |
| strategic objectives | the big-picture goals for the company; what the company will do to try to fulfill its mission. |
| strategic planning | connects the company’s actions back to its vision and mission statements. |
| tactical planning | mid-level strategic planning consisting of broad ideas of what a company should do to pursue its mission. |
| vision statement | a broad expression of what a business’s founders want that business to accomplish. |
Created by:
dwessler
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