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CPCU 520-15
Chapter 15
| Question | Answer |
|---|---|
| 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. |
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