Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
21 Cards in this Set
- Front
- Back
|
Consists of the combination of competitive moves and business approaches used by managers to run the company
|
Strategy
|
|
|
Explains the rationale for why its business approach and strategy will be the moneymaker
|
Business Model
|
|
|
Essentially an organization’s ability to create value for customers in a way that other organizations cannot match.
|
Competitive Advantage
|
|
|
1 of 3 tests: Does it boost firm performance?
|
Performance Test
|
|
|
1 of 3 tests: Does strategy lead to sustainable competitive advantage?
|
Competitive Advantage Test
|
|
|
1 of 3 tests: How well does strategy fit the firm’s situation?
|
Goodness of Fit Test
|
|
|
focuses on current business activities -- “who we are and what we do”
|
Mission Statement
|
|
|
concerns a firm’s future business path -- “where we are going”
|
Strategic Vision
|
|
|
Beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and strategy
|
Values
|
|
|
An organization's performance targets-- the results and outcomes management wants to achieve. They function as yardsticks for measuring how well the organization is doing.
|
Objectives
|
|
|
approach for measuring company performance requires both –
Financial objectives Strategic objectives |
Balanced Scorecard
|
|
|
Pursuing an ambitious strategic objective, concentrating the full force of its resources and competitive actions on achieving that objective
|
Strategic Intent
|
|
|
Define the businesses that our company will compete in (i.e., diversified or single business)
|
Corporate-level Strategies
|
|
|
Defines how we will compete in businesses
|
Business-level Strategies
|
|
|
develop the game plan for a strategically-relevant function or business process (i.e., accounting, finance, marketing, etc.)
|
Functional Strategies
|
|
|
concern narrower strategies for managing activities and strategically-relevant operating units and add detail to functional strategies
|
Operational Strategies
|
|
|
lays out the company;s future direction, performance targets, and strategy
|
Strategic plan
|
|
|
the major underlying causes of changing industry and competitive conditions
|
Driving Forces
|
|
|
competitive factors most affecting every industry member’s ability to develop a competitive advantage
|
Key Success Factors
|
|
|
is a cluster of firms in an industry with similar competitive approaches and market positions
|
Strategic Group
|
|
|
One technique to reveal different competitive positions of industry rivals
|
Strategic Group Mapping
|
