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BA283

Business Management chpt6-1

QuestionAnswer
Business plan a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success
A strategy a large-scale action plan that sets the direction for an organization.
Strategic management a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals.
Strategic planning determines the organization's long-term goals for the next l-5 years regarding growth and profits
Strategic positioning attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company.
Creating unique and a valuable position, trade offs on which strategy to follow, creating a fit in product activities
T he strategic-management process has five steps: the mission, vision, grand strategy, formulate the strategic plans, carry out plans, maintain strategic control
Grand strategy explains how the organization's mission is to be accomplished.
Strategic formulation the process of choosing among different strategies and altering them to best fit the organiza­tion's needs.
Strategic implementation Putting strategic plans into effect
Strategic control consists of monitoring the execution of strategy and making adjustments, if necessary.
Three common grand strategies are: growth,stability,defensive
Growth strategy a grand strategy that involves expansion-as in sales revenues, market share, number of employees, or number of customers or (for nonprofits) clients served.
Stability strategy a grand strategy that involves little or no significant change. Using the same strategic plans that is succsessful
Defensive strategy is a grand strategy that involves reduction in the organization's efforts Laying off, bankruptcy slash prices to become competitive
Created by: brsoul1
 

 



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