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CPCU 520 Chapter 10

CPCU 520 Chapter 10 Insurer Strategic Management

TermDefinition
Strategic management process the process an organization uses to formulate and implement its business strategies
Mission statement a broad express of an entity's goals
SWOT analysis a method of evaluating the internal and external environments by assessing an organization’s internal strengths and weaknesses and its external opportunities and threats.
Functional structure an organizational structure in which departments are defined by the operation they perform
Multi-divisional structure an organizational structure in which divisions are organized into separate profit centers
Cost leadership a business-level strategy through which a company seeks cost efficiencies in all operational areas
Five Forces Model evaluating the external environment in which a company operates. Involves assessing five forces that drive competition threat of new entrants, threat of substitute products/services, bargaining power of buyers, power of suppliers & rivalry among firms
Trend analysis an analysis that identifies patterns in past data and then projects these patterns into the future
Vertical integration strategy a corporate-level strategy through which a company either produces its own inputs or disposes of its own outputs.
Related diversification strategy a corporate-level strategy through which a company expands its operations into areas that are similar to its existing operations.
Unrelated diversification strategy a corporate-level strategy through which a company expands its operations into areas that have no relation to its existing operations
Differentiation strategy a business-level strategy through which a company develops products or services that are distinct and for which customers will pay a higher price than that of the competition
Focused cost leadership strategy a business-level strategy through which a company focuses on one group of customers and offers a low-price product of service
Focused differentiation strategy a business-level strategy through which a company focuses on one group of customers and offers unique or customized products that permit it to charge a higher price than that of the competition.
Divestiture strategy a corporate-level strategy through which a company sells off a portion of an operation, usually a division or profit center that is not performing to expectations
Harvest strategy a company-level strategy through which a company seeks to gain short-term profits while phasing out a product line or exiting a market
Strategic alliance an arrangement in which two companies work together to achieve a common goa
Turnaround strategy a corporate-level strategy through which accompany rebuilds organizational resources to return to profitable levels
Three stages of the Strategic Management Process Strategy formulation - creating a plan; strategy implementation - putting the plan into action; strategy evaluation - monitoring the results to determine whether the plan works as envisioned
Assets management considers as strengths and weaknesses managerial expertise; available product lines; skill levels and competencies of staff; current strategies; customer loyalty; growth levels; organizational structure; distribution channels
Opportunities and threats trend factors
Types of Organizational Strategies Corporate-Level down to Business-Level down to Functional-Level down to Operational-Level
Strategy Evaluation method establish standards; create and apply measurements; compare actual results to standards; evaluate and implement corrective actions if goals are not met
Three generic corporate-level strategies for companies in a growth mode single business (one industry, product or market), vertical integration (printing forms in-house or selling forms to customers), diversification (TPA)
Three corporate-level strategies for companies in a decline mode bankruptcy, divestiture, turn-around and harvest strategies
Three business-level strategies cost leadership; differentiation (distinctive service to customers); focus (niche)
Created by: CHahnCPCU
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