Mgmt Module 2 Word Scramble

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Question	Answer
macro environment	includes factors affecting all organizations
organization's environment	all forces outside the firm's abstract boundaries
competitive environment	includes Porter's Five Forces in an industry: buyer power, supplier power, substitutes, new entrants, and rivalry
strategy	organization's goals and the plans and decisions it adopts to achieve them
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
efficiency & effectiveness	two indicators of it your strategy is working
effectiveness	extent to which the organization achieves its goals
how to become more effective	reach a higher number of goals or meet your #1 goal
efficiency	organization's outputs and inputs
how to become more efficient	increase outputs or decrease inputs or both
Icarus Paradox	effectiveness can be dangerous: a company is never more vulnerable to complacency than when its at the height of its success
Specific, Measurable, Acceptable, Realistic & Challenging, Timed	goals are SMART
match your internal strengths and external opportunities and avoid internal weakness and external threat	the SWOT tool
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
competitive intelligence	information necessary to decide how best to manage in the competitive environment they have identified (using environmental scanning)
scenario development	helps managers develop contingency plans for what they might do given different outcomes
forecasting	method for predicting how variables will change in the future
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
buffering	creating supplies of excess resources in case of unpredictable needs
smoothing	leveling normal fluctuations at the boundaries of the environment
competitive aggression	exploiting a distinctive competence or improving internal efficiency for competitive advantage (agressive pricing, comparative advantage)
competitive pacification	independent action to improve relations with competitors
public relations	establishing and maintaining favorable images in the minds of those making up the environment
voluntary action	vountary commitment to various interest groups, causes, and social problems
political action	efforts to influence elected representatives to create a more favorable business environment or limit competition
cooperative action	strategies used by two or more organizations working together to manage the external environment
contraction	negotiation of an agreemnet between the organization and another group to exchange goods, services, information, patents, and so on
cooptation	absorbing new elements into the organization's leadership structure to avert threats to its stability or existence
coalition	two or more groups act jointly with respect to some set of issues for some period of time
strategic maneuvering	an organization's conscious efforts to change the boundaries of its task environment (companies change the environment they are in)
domain selection	entering a new market or industry with an existing expertise
diversification	a firm's investment in a different product, business, or geographic area (Apple iPod)
merger/acquisition	two or more firms combine, or one firm buys another to form a single company
divestiture	a firm selling one or more businesses
corporate strategy	identifies the set of businesses, markets, or industries in which the organization competes and the distribtuion of resources among those businesses
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
vertical integration strategy	acquisition or development of new businesses that produce parts or components of the organization's product
concentric diversification	moving into new businesses that are related to the company's original core business
conglomerate diversification	expansion into unrelated businesses

Created by: klayqf