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Chapter 4 words

Management

TermDefinition
Strategic Management what managers do to develop on organization's strategies
Strategies Plans for how the organization will do what it's in business to do, how it will compete successfully, and how it will attract its customers in order to achieve its goals
Strategic Management Process A six-step process that encompasses strategy planning, implementation, and evaluation.
Mission A strategic of an organization's purpose
Opportunities Positive trends in the external environment
Threats negative trends in the external environment
Resources An organization's assets that it uses to develop, manufacture, and deliver products to its customers
Capabilities An organization's skills and abilities in doing the work activities needed in its business
Core Competencies The major value-creating capabilities of an organization
Strengths Any activities the organization does well or any unique resources that it has
Weakness Activities the organization doesn't do well or resources it needs but doesn't posses
SWOT analysis The combined external and internal analysis
Corporate Strategy An organizational strategy that specifies what business a company is in or wants to be in and what it wants to do with those businesses
Growth Strategy A corporate strategy in which an organization expands the number of markets served or products offered either through its current business(es)or through new business(es)
Stability A corporate strategy in which an organization continues to do what it is currently doing
Renewal Strategy A corporate strategy that addresses declining organizational performances
Competitive Strategy an organizational strategy for how an organization will compete in its business(es)
Strategic Business Units(SBUs) An organization's single business that are independent and formulate their own competitive strategies
Competitive Advantage What sets an organization apart; its distinctive edge
Cost Leadership Strategy When an organization competes on the basis of having the lowest costs in its industry
Differentiation Strategy When an organization competes on the basis of having unique products that are widely valued by customers
Focus Strategy When an organization competes in a narrow segment or niche with either a cost focus or a differentiation focus
Functional Strategies The strategies used in an organization's various functional departments to support competitive strategy
Benchmarking The search for the best practices among competitors or non competitors that lead to their superior performances
Goals (objectives) Desired outcomes or targets
Plans Documents that outline how goals are going to be met
Stated Goals Official statements of what an organization says and wants its stakeholders to believe its goals are.
Real Goals Those goals an organization actually pursues as shown by what the organization's members are doing
Traditional Goal Setting Goals set by top managers flow down through the organization and became sub goals for each organizational area
Means-end chain An integrated network of goals in which higher-level goals are linked to lower-level goals, which serve as the means for their accomplishment
Management By Objectives A process of setting mutually agreed-upon goals and using those goals to evaluate employee performance
Strategic Plans Plans that apply to the entire organization and encompass the organization's overall goals
Tactical Plans Plans that specify the details of how the overall goals are to be achieved
Long term plans Plans with a time frame beyond three years
Short term plans Plans with a time frame of one year or less
Specific Plans Plans that are clearly defined and leave no room for interpretation
Directional Plans Plans that are flexible and set general guidelines
Single-Use Plan A one-time plan specifically designed to meet the needs of a unique situation
Standing Plans Plans that are ongoing and provide guidance for activities performed repeatedly
Commitment Concept The ideas that plans should extend far enough to meet those commitments made when the plans were developed
Formal Planning Department A group of planning specialists whose sole responsibility is to help write the various organizational plans
Environmental Scanning An analysis of the external environment that involves screening large amounts of information to detect emerging trends
Competitive Intelligence A type of environmental scanning that gives managers accurate information about competitors
Created by: marionflores