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Strategic Management

management a practical introduction

QuestionAnswer
is a means of evaluating strategic business units on the basis of 1. their business growth rates and 2. their share of the market BGG matrix
a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success business plan
means gaining information about one's competitors activities so that you can anticipate their moves and react appropriately competitive intelligence
AKA scenario planning and scenario analysis is thee creation of alternative hypothetical but equal likely future conditions contingency planning
is trying to keep cost, and hence prices, of a product or services below those of competitors and to target a narrow market cost-focus strategy
is to keep the costs, and hence prices, of a product or services below those of competitors and to target a wide market cost-leadership strategy
or a retrenchment strategy is a grand strategy that involves reduction in the organization's efforts defensive strategy
operating several business in order to spread the risk diversification
careful monitoring of an organization's internal and external environments to detect early signs of opportunities and threaats that may influence the firm's plans environmental scanning
is not simply tactics, it is a central part of any company's strategy. It consist of using questioning, analysis, and follow-through to mesh strategy with reality, align people with goals, and achieve results promised execution
or services that are of unique and superior value compared to those of competitors and to target a narrow market focused-differentiation strategy
is a vision or projection of the future forecast
an assessment of current organizational performance, then explains how the organization's mission is to be accomplished grand strategy
is a grand strategy that involves expansion-as in sales revenues, market share, number of employees, or number of customers or (for nonprofit) clients served growth strategy
environmental factors that the organization may exploit for competitive advantages organizational opportunities
the skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission organizational strengths
environment factors that hinder an organization's achieving a competitive advantage organizational threats
the drawbacks that hinder an organization in executing strategies in pursuit of its mission organizational weaknesses
AKA, (four generic strategies) are 1. cost-leadership, 2. differentiation, 3. cost-focus, 4. focused-differentiation. Porter's four competitive strategies
business-level strategies on five primary competitive forces in firm's environment: threats of new entrants, bargaining power of suppliers, bargaining power of buyers, threats of substitute products or services, and rivalry among competitors Porter's model for industry analysis
in which an organization under one ownership operates separate business that are related to one another related diversification
AKA scenario planning and contingency planning is thee creation of alternative hypothetical but equal likely future conditions scenario analysis
AKA contingency planning and scenario analysis is thee creation of alternative hypothetical but equal likely future conditions scenario planning
a company makes a sells only one product within its market single-product strategy
is a grand strategy that involves little or no significant change stability strategy
consists of monitoring the execution of strategy and making adjustments; if necessary strategic control
is a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals strategic management
attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company strategic positioning
is a large-scale action plan that sets the direction of an organization strategy
is the process of choosing among different strategies and altering them o best fit the organization's needs strategy formulation
putting strategic plans into effect strategy implementation
AKA situational analysis- which is a search for the strengths, weakness, opportunities and threats affecting the organization SWOT analysis
the economic value of separate, related businesses under one ownership and management is greater together than the businesses are worth separately synergy
is a hypothetical extension of a past series of events into the future trend analysis
operating several businesses under one ownership that are not related to one another unrelated diversification
is to offer products or services that are of unique and superior value compared with those of competitors but to target a wide market differentiation strategy
Created by: blearly
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