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Management Chapter-9

Robbins & Coulter 11th Edition

Strategic Management what managers do to develop the organization's strategies
Strategies the plans for how the organization will do what it's in business to do, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve its goals
Business Model how a company is going to make money
Strategic Management Process a six-step process that encompasses strategic planning, implementation, and evaluation
Opportunities positive trends in the external environment
Mission a statement of an organization's purposes
Threats negative trends in the external environment
Resources an organization's assets that are used to develop, manufacture, and deliver products to its customers
Strengths any activities the organization does well or any unique resources that it has
Corporate Strategy an organizational strategy that determines what businesses a company is in or wants to be in and what it wants to do with those businesses
Capabilities an organization's skills and abilities in doing the work activities needed in its business
Weaknesses activities the organization does not do well or resources it needs but does not possess
Growth Strategy a corporate strategy that's used when an organization wants to expand the number of markets served or products offered, either through its current business(es) or through new business(es)
Core Competencies the organization's major value-creating capabilities that determine its competitive weapons
SWOT Analysis an analysis of the organization's strengths, weaknesses, opportunities, and threats
Stability Strategy a corporate strategy in which an organization continues to do what it is currently doing
Renewal Strategy a corporate strategy designed to address declining performance
BCG Matrix a strategy tool that guides resorce allocation decisions on the basis of market share and growth state of SBUs
Competitive Strategy an organizational strategy for how an organization will compete in its business(es)
Strategic Business Unit(SBU) the single independent businesses of an organization that formulate their own competitive strategies
Competitive Advantage what sets an organization apart; its distinctive edge
Functional Strategy the strategies used by an organization's various functional departments to support the competitive strategy
Strategic Leadership the ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create a viable and valuable future for the organization
Strategic Flexibility the ability to recogniza major external changes, to quickly commit resources, and to recognize when a strategic decision was a mistake
Created by: 1257641797
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