Management - Ch. 4 Strategical Planning
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| SWOT Analysis | A comparison of strength, weakness, opportunities, and treats that helps executives formulate strategy.
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| Corporate Strategy | The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities.
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| Concentration | A strategy employed for an organization that operates a single business and competes in a single industry.
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| Vertical Integration | The acquisition or development of new business that produce parts or components of the organizations product.
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| Concentric Diversification | A strategy used to add new businesses that produce related products or are involved in related markets and activities.
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| Business Strategy | The major actions by which an organization competes in a particular industry or market.
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| Low-cost Strategy | A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product.
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| Strategic Planning | A set of procedures for making decisions about the organization's long-term goals and strategies.
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| Strategic Goals | Major targets or end results relating to the organization's long-term survival, value, and growth.
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| Uncertainty | The state that exists when decision makers have insufficient information.
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| State Uncertainty | Uncertainties related to the enviroment itself *enviroment unpredictable.
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| Goal | A target or end that management desires to reach.
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| Plans | The actions or means managers intend to use to achieve organizational goals.
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| 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.
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| Scenario | A narrative that describes a particular set of future conditions.
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| Strategy | A pattern of actions and resourse allocations designed to achieve the organization's goals.
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| Tactical Planning | A set of procedures for translating broad strategic goals and plans that are relevant to a particular portion or the organizaiton, such as a functional area like marketing.
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| Operational Planning | The process of identifying the specific procedures and processes required at lower levels of the organization.
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| Strategic Management | A process that involves managers from all part of the organizaiton in the formulation and implementation of strategic goals and strategies.
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| Stakeholders | Groups and indviduals who affect and are affected by the achievement of the organization's mission, goals, and strategies.
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| Resources | Imputs to a system that can enhance performance.
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| Core Competence | A unique skill and/or knowledge an organization possesses that gives it an edge over competitors.
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| Differentiation Strategy | A strategy an organization uses to build competitive advantage by being unique in its industy or market segment alon one or more dimensions.
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| Functional Strategies | Strategies implemented by each functional area of the organizaiton to support the organization's busines strategy.
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| Certainty | The state that exists when decision makers have accurate and comprehensive information.
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| Risk | The state that exists when the probability of success is less than 100 percent and losses may occur.
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| Maximizing | A decision realizing the best possible outcome.
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| Satisficing | Choosing an option that is acceptable, although not necessarily the best or perfect.
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| Optimizing | Achieving the best possible blance among several goals.
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| Groupthink | A phenomenon that occurs in decision making when group members avoid disagreement as they strive for consensus.
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| Prospect Theory | Overweigh the potential losses.(asymmetry)
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| Conglomerate Diversification | Used to add new business that produce unrelated products or are involved in unrelated markets and activities
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