Chapter Vocab
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| Strategic management | What managers do to develop an organization's strategies
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| Strategies | Plans for how the organization will do what it's in business to do, how it will complete successfully, and how it will attract its customers in order to achieve its goals
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| Strategic management process | A six-step process that encompasses strategy planning, implementation, and evaluation
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| Mission | A statement of an organization's purpose
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| Opportunities | Positive trends in the external environment
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| Threats | Negative trends in the external environment
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| Resources | An organization's assets that it uses to develop, manufacture, and deliver products to its customers
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| Capabilities | An organization's skills and abilities in doing the work activities needed in its business
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| Core competencies | The major value-creating capabilities of an organization
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| Stregths | Any activities the organization does well or any unique resources that it has
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| Weaknesses | Activities the organization doesnt do well or resources it needs but doesnt possess
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| SWOT analysis | The combined external and internal analyses
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| Corporate strategy | An organizational strategy that specifies what businessesa company is in or wants to be in and what it wants to do with those businesses
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| Growth strategy | A corporate strategy in which an organization expands the number of markets served or products offered either through its currents business(es) or through new business(es)
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| Stability strategy | A corporate strategy in which in which an organization continues to do what it is currently doing
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| Renewal strategy | A corporate strategy that adresses declining organizational performance
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| Competitive strategy | An organizational strategy for how an organization will compete in its business(es)
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| Strategic business units(SBUs) | An organization's single businesses that are independent and formulate their own competitive strategies
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| Competitive advantage | What sets an organization apart; its distictive edge
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| Cost leadership strategy | When an organization competes on the basis of having the lowest costs in its industry
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| Differentiation strategy | When an organization competes on the bisis of having unique products that are widely valued by customers
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| Focus strategy | When an organization competes in a narrow segment or niches with either a cost focus or a differentiation focus
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| Functional strategies | The strategies used in an organization's various functional departments to support the competitive strategy
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| Benchmarking | The search for the practices among competitiors or noncompetitors that lead to their superior performance
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| Goals | Desired outcomes or targets
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| Plans | Documents that outline how goals are going to be met
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| Stated goals | Official statements of what an organization says, and wants its stakeholders to believe, its goals are
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| Real goals | Those goals an organization actually pursues as shown by what the orgation's members are doing
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| Traditional goal setting | Goals set by top managers flow down through the organization and becomes subgoals for each organization area
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