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BAMG 350 Chapter 6

Organizational Strategy

TermDefinition
Resources the assets, capabilities, processes, employee time, information, and knowledge than an organization uses to improve its effectiveness and efficiency and create and sustain competitive advantage
Competitive Advantage providing greater value for customers than competitors can
Sustainable Competitive Advantage*** a competitive advantage that other companies have tried unsuccessfully to duplicate and have, for the moment, stopped trying to duplicate
Valuable Resource a resource that allows companies to improve efficiency and effectiveness
Rare Resource a resource that is not controlled or possessed by many competing firms
Imperfectly Imitable Resource*** a resource that is impossible or extremely costly or difficult for other firms to duplicate
Non-substitutable resource*** a resource that produces value or competitive advantage and has no equivalent substitutes or replacements
Competitive Inertia a reluctance to change strategies or competitive practices that have been successful in the past
Shadow-Strategy Task Force a committee within a company that analyzes the company's own weaknesses to determine how competitors could exploit them for competitive advantage
Strategic Dissonance a discrepancy between a company;s intended strategy and the strategic actions managers take when implementing that strategy
Situational (SWOT) Analysis*** an assessment of the strength and weaknesses in an organization's internal environment and the opportunities and threats in its external environment
Distinctive Competence what a company can make, do, or perform better than its competitors
Core Capabilities the internal decision-making routines, problem-solving processes, and organizational cultures that determine how efficiently inputs can be turned into outputs
Strategic Group*** a group of companies within an industry against which top managers compare, evaluate, and benchmark strategic threats and opportunities
Core Firms*** the central companies in a strategic group
Secondary Firms*** the firms in a strategic group that follow strategies related to bu somewhat different from those of the core firms
Strategic Reference Points*** the strategic targets managers use to measure whether a firm has developed the core competencies it needs to achieve a sustainable competitive advantage
Corporate-Level Strategy the overall organizational strategy that address the question "What business or businesses are we in or should we be in?"
Diversification a strategy used for reducing risk (stocks or, in the case of a corporation, types of businesses) so that the failure of one stock or business does not doom the entire portfolio
Portfolio Strategy*** a corporate-level strategy that minimizes risk by diversifying investments among various businesses or product lines
Acquisition the purchase of a company by another company
Unrelated Diversification*** creating or acquiring companies in a completely unrelated business
BCG Matrix*** a portfolio strategy, developed by the Boston Consulting Group, that categorizes a company's businesses by growth rate and relative market share and helps managers decide how to invest corporate funds
Star*** a company with a large share of a fast-growing market. Invest here.
Question Mark*** a company with a small share of a fast-growing market. Invest cautiously.
Cash Cow*** A company with a large share of a slow-growing market. Profits here.
Dog*** a company with a small share of a slow-growing market. Divest/harvest.
Related Diversification*** creating or acquiring companies that share similar products, manufacturing, marketing, technology or culture
Grand Strategy a broad corporate-level strategic plan used to achieve strategic goals and guide the strategic alternatives that managers of individual businesses or subunits may use
Growth Strategy a strategy that focuses on increasing profits, revenues, market share, or the number of places in which the company does business
Stability Strategy a strategy that focuses on improving the way in which the company sells the same products or services to the same customers
Retrenchment Strategy a strategy that focuses on turning around very poor company performance by shrinking the size or scope of the business
Recovery the strategic actions taken after retrenchment to return to a growth strategy
Industry-Level Strategy a corporate strategy that addresses the question "How should we compete in this Industry?"
Character of the Rivalry*** a measure of the intensity of competitive behavior between companies in an industry
Threat of New Entrants *** measure of the degree to which barriers to entry make it easy or difficult for new companies to get started in an industry
Threat of Substitute Products or Services*** a measure of the ease with which customers can fins substitutes for an industry's products or services
Bargaining Power of Suppliers*** a measure of the influence that suppliers of parts, materials, and services to firms in an industry have over the prices of theses inputs
Bargaining Powers of Buyers*** a measure of the influence that customers have on a firm's prices
Cost Leadership*** the positioning strategy of producing a product or service of acceptable quality at consistently lower production costs than competitors can, so that the firm can offer the lowest price in the industry
Differentiation*** the positioning strategy of providing a product or service that is sufficiently different from competitors' offerings that customers are willing to pay a premium for
Focus Strategy*** the positioning strategy of using cost leadership of differentiation to produce a specialized product or service for a limited, specially targeted group of customers in a particular geographic region or market segment
Defenders*** companies using an adaptive strategy aimed at defending strategic positions bu seeking moderate, steady growth, and by offering a limited range of high-quality products and services to a well-defined set of customers
Prospectors*** companies using an adaptive strategy that seeks fast growth by searching for new marker opportunities, encouraging risk taking, and being the first to bring innovative new products to the market
Analyzers*** companies using an adaptive strategy that seeks to minimize risk and maximize profits by following or imitating the proven success of prospectors
Reactors*** companies that do not follow a consistent adaptive strategy, but instead react to changes in the external environment after they occur
Firm-Level Strategy a corporate-level strategy that addresses the question "how should we compete against a particular firm?"
Direct Competition the rivalry between two companies that offer similar products and services, acknowledge each other as rivals, and act and react to each other's strategic actions
Market Commonality the degree to which two companies have overlapping product, services, or customers in multiple markets
Resource Similarity the extent to which a competitors has similar amounts and kinds or resources
Attack a competitive move designed to reduce a rival's market share or profits
Response a competitive countermove, prompted by a rival's attack, to defend or improve a company's market share or profit
Created by: 1229955762
 

 



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