Strategic Management
Popularity (by total correct streak): 11
Popularity (by number of users): 1
| Competitive Advantage | the ability to do something so well that one outperforms competitors | |
| Sustainable Competitive Advantage | the ability to outperform rivals in ways that are difficult or costly to imitate | |
| Strategy | a comprehensive plan guiding resource allocation to achieve long-term organization goals | |
| Strategic Intent | focuses and applies organizational energies on a unifying and compelling goal | |
| Corporate Strategy | sets long-term direction for the total enterprise | |
| Business Strategy | identifies how a division or strategic business unit will compete in its product or service domain | |
| Functional Strategy | guides activities within one specific area of operations | |
| Strategic Management | the process of formulating and implementing strategies | |
| Strategic Analysis | the process of analyzing the organization, the environment, and the organization's competitive position and current strategies | |
| Strategy Formulation | the process of crafting strategies to guide the allocation of resources | |
| Strategy Implementation | the process of putting strategies into action | |
| Mission | a statement that expresses the organization's reason for existence in society | |
| Stakeholders | individuals and groups directly affected by the organization and its strategic accomplishments | |
| Core Values | broad beliefs about what is or is not appropriate behavior | |
| Organizational Culture | the predominant value system for the organization as a whole | |
| Operating Objectives | specific results that organizations try to accomplish | |
| SWOT Analysis | examines organizational strengths and weaknesses and environmental opportunities and threats | |
| Core Competency | a special strength that gives an organization a competitive advantage | |
| Porter's Five Environmental Forces | 1)Industry rivalry 2)New entrants 3)Substitute products or services 4)Supplier bargaining power 5)Customer bargaining power | |
| BCG Matrix | analyzes business opportunities according to market growth rate and market share | |
| Growth Strategy | involves expansion of the organization's current operations | |
| Concentration Growth Strategy | growth within the same business area | |
| Diversification Growth Strategy | growth by acquisition of or investment in new and different business areas | |
| Vertical Integration | growth that occurs by acquiring suppliers (backward) or distributors (forward) | |
| Retrenchment and Restructuring Strategies | pursue radical changes to solve problems | |
| Chapter 11 Bankruptcy | under U.S. law protects a firm from creditors while management reorganizes to restore solvency | |
| Liquidation | when a business closes and sells its assets to pay creditors | |
| Downsizing Strategy | decreases the size of operations | |
| Divestiture | sells off parts of the organization to refocus attention on core business areas | |
| Turnaround Strategy | tries to fix specific performance problems | |
| Globalization Strategy | adopts standardized products and advertising for use worldwide | |
| Multidomestic Strategy | customizes products and advertising to best fit local needs | |
| Transnational Strategy | seeks efficiencies of global operations with attention to local markets | |
| Strategic Alliance | organizations partner to pursue an area of mutual interest | |
| Co-opetition | working with rivals on projects of mutual benefit | |
| Differentiation Strategy | offers products that are unique and different from the competition | |
| Cost Leadership Strategy | seeks to operate with low cost so that products can be sold at low prices | |
| Focus Strategy | concentrates on serving a unique market segment better than anyone else | |
| Focused Differentiation Strategy | offers a unique product to a special market segment | |
| Focused Cost Leadership Strategy | seeks the lowest costs of operations within a special market segment | |
| Lack of Participation Error | a failure to include key persons in strategic planning | |
| Corporate Governance | the system of control and performance monitoring of top management | |
| Strategic Control | makes sure strategies are well implemented and that poor strategies are scrapped or modified | |
| Strategic Leadership | inspires people to continuously change, refine, and improve strategies and their implementation |
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