Segment 6
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| macro environment | includes factors affecting all organizations
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| organization's environment | all forces outside the firm's abstract boundaries
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| competitive environment | includes Porter's Five Forces in an industry: buyer power, supplier power, substitutes, new entrants, and rivalry
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| strategy | organization's goals and the plans and decisions it adopts to achieve them
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| 3 dynamics of the strategic management process | 1) establishment of mission, value and goals, 2)work on any other boxes, any amount, any time, 3)it is a never ending process
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| efficiency & effectiveness | two indicators of it your strategy is working
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| effectiveness | extent to which the organization achieves its goals
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| how to become more effective | reach a higher number of goals or meet your #1 goal
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| efficiency | organization's outputs and inputs
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| how to become more efficient | increase outputs or decrease inputs or both
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| Icarus Paradox | effectiveness can be dangerous: a company is never more vulnerable to complacency than when its at the height of its success
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| Specific, Measurable, Acceptable, Realistic & Challenging, Timed | goals are SMART
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| match your internal strengths and external opportunities and avoid internal weakness and external threat | the SWOT tool
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| environmental scanning | searching out information that is unavailable to most people and sorting through that information to interpret what is important and what is not
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| competitive intelligence | information necessary to decide how best to manage in the competitive environment they have identified (using environmental scanning)
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| scenario development | helps managers develop contingency plans for what they might do given different outcomes
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| forecasting | method for predicting how variables will change in the future
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| benchmarking | identifying the best-in-class performance by a company in a given area, say, product development or customer service, and then comparing your process to others
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| buffering | creating supplies of excess resources in case of unpredictable needs
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| smoothing | leveling normal fluctuations at the boundaries of the environment
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| competitive aggression | exploiting a distinctive competence or improving internal efficiency for competitive advantage (agressive pricing, comparative advantage)
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| competitive pacification | independent action to improve relations with competitors
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| public relations | establishing and maintaining favorable images in the minds of those making up the environment
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| voluntary action | vountary commitment to various interest groups, causes, and social problems
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| political action | efforts to influence elected representatives to create a more favorable business environment or limit competition
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| cooperative action | strategies used by two or more organizations working together to manage the external environment
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| contraction | negotiation of an agreemnet between the organization and another group to exchange goods, services, information, patents, and so on
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| cooptation | absorbing new elements into the organization's leadership structure to avert threats to its stability or existence
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| coalition | two or more groups act jointly with respect to some set of issues for some period of time
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| strategic maneuvering | an organization's conscious efforts to change the boundaries of its task environment (companies change the environment they are in)
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| domain selection | entering a new market or industry with an existing expertise
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| diversification | a firm's investment in a different product, business, or geographic area (Apple iPod)
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| merger/acquisition | two or more firms combine, or one firm buys another to form a single company
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| divestiture | a firm selling one or more businesses
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| corporate strategy | identifies the set of businesses, markets, or industries in which the organization competes and the distribtuion of resources among those businesses
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| concentration strategy | focuses on a single business competing in a single industry; used to gain entry into an industry when industry growth is good, or when the company has a narrow range of competencies
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| vertical integration strategy | acquisition or development of new businesses that produce parts or components of the organization's product
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| concentric diversification | moving into new businesses that are related to the company's original core business
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| conglomerate diversification | expansion into unrelated businesses
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