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BUS 303 Test 2
Chapters 4 Plan & Strategic Management
| Question | Answer |
|---|---|
| Situational Analysis | A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration. |
| Goals | A target or end that management desires to reach. |
| Plans | The actions or means managers intend to use to achieve organizational goals. |
| Scenario | A narrative that describes a particular set of future conditions. |
| Strategic Planning | A set of procedures for making decisions about the organization's long-term goals and strategies. |
| Strategic Goals | Major targets or end results relating to the organization's long-term survival, value, and growth. |
| Strategy | A pattern of actions and resource allocations designed to achieve the organization's goals. |
| Tactical Planning | A set of procedires for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing. |
| Operational Planning | The process of identifying the specific procedures and processes required at lower levels of the organization. |
| Strategic Management | A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies. |
| Strategic Management Process | 1. Establishment of mission, vision, and goals 2. Analysis of external opportunities and threats. 3. Analysis of external opportunities. 4. SWOT analysis and strategy formulation. 5. Strategy implementation 6. Strategic control |
| Mission | An organization's basic purpose and scope of operations. |
| Strategic Vision | points to the future-it provides a perspective on where the organization is headed and what it can become. |
| Stakeholders | Groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies. |
| Resources | inputs to production that can be accumulated over time to enhance the performance of a firm. |
| Tangible Assets | real estate, production facilities, raw materials, and so on |
| Intangible Assets | such as company reputation, culture, technical knowledge, and patents, as well as accumulated learning and experience. |
| Resources enhance Competitive Advantage Core Competence | Customer value, if it increases the benefits customers derive from a good or service relative to the costs they incur Rare-not equally available to all competitors Difficult to imitate Well Organized |
| Core competence (what is it?) | A unique skill and/or knowledge an organization possesses that gives it an edge over competitors. |
| Benchmarking | To assess and improve performance. The process of assessing how well one company's basic functions and skills compare with those of another company or set of companies. |
| SWOT Analysis | A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy. |
| Corporate Strategy | The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities. |
| Concentration | A strategy employed for an organization that operates a single business and competes in a single industry. |
| Vertical Integration | The acquisition or development of new businesses that produce parts or components of the organization's product. |
| Concentric Diversification | A strategy used to add new businesses that produce related products or are involved in related markets and activities. |
| Conglomerate Diversification | A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities. |
| Business Portfolio | Diversified businesses of an organization |
| BCG Matrix | an investment strategy for analyzing a corporation's strategy for managing its portfolio |
| Question Marks | High-growth, weak competitve position businesses Require substantial investment to improve their position |
| Stars | High-growth, strong competitive position businesses. Require heavy investment, but their strong position allows them to generate the needed revenues. |
| Cash Cows | Low-growth, strong competitive position These businesses generate revenues in excess of their investment needs and therefore fund other businesses. |
| Dogs | Low-growth, weak competitive position businesses The remaining revenues from these businesses are realized, an then the businesses are divested. |
| Business Strategy | The major actions by which a business competes in a particular industry or market |
| Low-cost strategy | A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product. |
| Differentition Strategy | A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions. |
| Functional Strategies | Strategies implemented by each functional area of the organization to support the organization's business strategy. |
| Strategic Control System | A system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action. |
Created by:
tgrant