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CPCU 520-15

Chapter 15

QuestionAnswer
Strategic management process the process an org. uses to formulate and implement its business strategies
Five Forces Model a method of evaluating the external environment where a company operates. Involves assessing 5 forces driving competition
5 forces driving competition 1-threat of new entrants, 2-threat of substitute products/srvcs, 3-bargaining power of buyers, 4-bargaining power of suppliers, 5-rivalry among existing firms
SWOT Analysis method of evaluating internal/external environments by assessing an org's internal strengths and weaknesses and its external opportunities/threats
Vertical Integration strategy A corporate level strategy where a company either producers its own inputs or disposes of it own outputs.
Related diversification strategy a corporate level strategy where a company expands its operations into area that are similar to its existing operations.
unrelated diversification strategy a corp.level strategy where a company expands its operations into areas that have non relation to its existing operations.
Harvest strategy a corporate level strategy where a company seeks to gain short term profits while phasing out a product line or exiting the market.
Turnaround strategy a corporate level strategy where a company rebuilds org. resources to return to profitable levels.
Divestiture strategy a corporate level strategy where company sells off a portion of an operation, usually a division or profit center that is not performing to expectations.
Cost leadership a business level strategy whey a company seeks cost efficiencies in all operational areas.
Differentiation strategy a business level strategy through which a company develops products or services that are distinct and 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 low price product or service
Focused differentiation strategy A business level strategy where 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.
Functional structure an org. structure where departments are defined by operation they perform
multidivisional structure an org. were divisions are organized into separate profit centers
foreign direction investment a global market entry involving owning or controlling assets in a foreign country
strategic alliance an arrangement where two companies work together to achieve a common goal
joint venture a specific type of strategic alliance where companies share ownership, responsibilities, and management of a foreign venture.
Created by: holl6425
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