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Ch. 4 Bateman

Management - Ch. 4 Strategical Planning

QuestionAnswer
SWOT Analysis A comparison of strength, weakness, opportunities, and treats that helps executives formulate strategy.
Corporate Strategy The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities.
Concentration A strategy employed for an organization that operates a single business and competes in a single industry.
Vertical Integration The acquisition or development of new business that produce parts or components of the organizations product.
Concentric Diversification A strategy used to add new businesses that produce related products or are involved in related markets and activities.
Business Strategy The major actions by which an organization competes in a particular industry or market.
Low-cost Strategy A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product.
Strategic Planning A set of procedures for making decisions about the organization's long-term goals and strategies.
Strategic Goals Major targets or end results relating to the organization's long-term survival, value, and growth.
Uncertainty The state that exists when decision makers have insufficient information.
State Uncertainty Uncertainties related to the enviroment itself *enviroment unpredictable.
Goal A target or end that management desires to reach.
Plans The actions or means managers intend to use to achieve organizational goals.
Situational Analysis A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration.
Scenario A narrative that describes a particular set of future conditions.
Strategy A pattern of actions and resourse allocations designed to achieve the organization's goals.
Tactical Planning A set of procedures for translating broad strategic goals and plans that are relevant to a particular portion or the organizaiton, such as a functional area like marketing.
Operational Planning The process of identifying the specific procedures and processes required at lower levels of the organization.
Strategic Management A process that involves managers from all part of the organizaiton in the formulation and implementation of strategic goals and strategies.
Stakeholders Groups and indviduals who affect and are affected by the achievement of the organization's mission, goals, and strategies.
Resources Imputs to a system that can enhance performance.
Core Competence A unique skill and/or knowledge an organization possesses that gives it an edge over competitors.
Differentiation Strategy A strategy an organization uses to build competitive advantage by being unique in its industy or market segment alon one or more dimensions.
Functional Strategies Strategies implemented by each functional area of the organizaiton to support the organization's busines strategy.
Certainty The state that exists when decision makers have accurate and comprehensive information.
Risk The state that exists when the probability of success is less than 100 percent and losses may occur.
Maximizing A decision realizing the best possible outcome.
Satisficing Choosing an option that is acceptable, although not necessarily the best or perfect.
Optimizing Achieving the best possible blance among several goals.
Groupthink A phenomenon that occurs in decision making when group members avoid disagreement as they strive for consensus.
Prospect Theory Overweigh the potential losses.(asymmetry)
Conglomerate Diversification Used to add new business that produce unrelated products or are involved in unrelated markets and activities
Created by: bpark
 

 



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