Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Strategic Management
management a practical introduction
| Question | Answer |
|---|---|
| is a means of evaluating strategic business units on the basis of 1. their business growth rates and 2. their share of the market | BGG matrix |
| a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success | business plan |
| means gaining information about one's competitors activities so that you can anticipate their moves and react appropriately | competitive intelligence |
| AKA scenario planning and scenario analysis is thee creation of alternative hypothetical but equal likely future conditions | contingency planning |
| is trying to keep cost, and hence prices, of a product or services below those of competitors and to target a narrow market | cost-focus strategy |
| is to keep the costs, and hence prices, of a product or services below those of competitors and to target a wide market | cost-leadership strategy |
| or a retrenchment strategy is a grand strategy that involves reduction in the organization's efforts | defensive strategy |
| operating several business in order to spread the risk | diversification |
| careful monitoring of an organization's internal and external environments to detect early signs of opportunities and threaats that may influence the firm's plans | environmental scanning |
| is not simply tactics, it is a central part of any company's strategy. It consist of using questioning, analysis, and follow-through to mesh strategy with reality, align people with goals, and achieve results promised | execution |
| or services that are of unique and superior value compared to those of competitors and to target a narrow market | focused-differentiation strategy |
| is a vision or projection of the future | forecast |
| an assessment of current organizational performance, then explains how the organization's mission is to be accomplished | grand strategy |
| is a grand strategy that involves expansion-as in sales revenues, market share, number of employees, or number of customers or (for nonprofit) clients served | growth strategy |
| environmental factors that the organization may exploit for competitive advantages | organizational opportunities |
| the skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission | organizational strengths |
| environment factors that hinder an organization's achieving a competitive advantage | organizational threats |
| the drawbacks that hinder an organization in executing strategies in pursuit of its mission | organizational weaknesses |
| AKA, (four generic strategies) are 1. cost-leadership, 2. differentiation, 3. cost-focus, 4. focused-differentiation. | Porter's four competitive strategies |
| business-level strategies on five primary competitive forces in firm's environment: threats of new entrants, bargaining power of suppliers, bargaining power of buyers, threats of substitute products or services, and rivalry among competitors | Porter's model for industry analysis |
| in which an organization under one ownership operates separate business that are related to one another | related diversification |
| AKA scenario planning and contingency planning is thee creation of alternative hypothetical but equal likely future conditions | scenario analysis |
| AKA contingency planning and scenario analysis is thee creation of alternative hypothetical but equal likely future conditions | scenario planning |
| a company makes a sells only one product within its market | single-product strategy |
| is a grand strategy that involves little or no significant change | stability strategy |
| consists of monitoring the execution of strategy and making adjustments; if necessary | strategic control |
| is a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals | strategic management |
| attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company | strategic positioning |
| is a large-scale action plan that sets the direction of an organization | strategy |
| is the process of choosing among different strategies and altering them o best fit the organization's needs | strategy formulation |
| putting strategic plans into effect | strategy implementation |
| AKA situational analysis- which is a search for the strengths, weakness, opportunities and threats affecting the organization | SWOT analysis |
| the economic value of separate, related businesses under one ownership and management is greater together than the businesses are worth separately | synergy |
| is a hypothetical extension of a past series of events into the future | trend analysis |
| operating several businesses under one ownership that are not related to one another | unrelated diversification |
| is to offer products or services that are of unique and superior value compared with those of competitors but to target a wide market | differentiation strategy |
Created by:
blearly
Popular Management sets