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39 Cards in this Set
- Front
- Back
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strategy |
a comprehensive plan guiding resource allocation to achive long term organization goals |
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strategic intent |
focuses on organizational energies on achieving a compelling goal |
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competitive strategy |
an ability to outperform rivals |
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sustainable competitive advantage |
achieved in ways that are difficult to imtate |
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corporate strategy |
sets long term direction for the total enterprise |
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business strategy |
identifies how a division or strategic business unit will compete in its product or service domain |
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functional strategy |
guides activities within one specific area of operations |
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growth strategy |
involves expansion of the organization's current operations |
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concentration |
expansion within an existing business area |
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diversification |
expansion by entering related or new business areas |
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vertical integration |
occurs by acquiring suppliers or distributors |
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retrenchment strategy |
changes operations to correct weaknesses |
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liquidation |
occurs when a business closes and sells its assets to pay creditors |
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restructuring |
reduces the scale or mix of operations |
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downsizing |
decreases the size of operations |
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divestiture |
involves selling off parts of the org to refocus attention on core business areas |
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globalization strategy |
adopts standardized products and advertising for use worldwide |
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transnational firm |
tries to operate globally without having a strong national identity |
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strategic alliance |
organizations join together in partnership to pursue an area of mutual interest |
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co-opetition |
the strategy of working with rivals on projects of mutual benefit |
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e-business strategy |
strategically uses the internet to gain competitive advantage |
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b2b business strategy |
uses IT and web portals to link organizations vertically in supply chains |
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b2c business strategy |
uses IT and web portals to link businesses with customers |
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social media strategy |
uses social media to better engage with an orgs customers, clients, and external audiences in general |
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crowdsourcing |
strategy uses the internet to engage customers and potential customers in providing opinions and suggestions on products and their designs |
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strategic management |
the process of formulating and implementing strategies |
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strategy formulation |
the process of creating strategies |
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strategy implementation |
the process of putting strategies into action |
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mission |
the org's reason for existence in society |
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operation objectives |
specific results that orgs try to accomplish |
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swot analysis |
examines strengths and weaknesses as well as environmental opportunities and threats |
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core competency |
a special strength that gives an org a competitive advantage |
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differentiation strategy |
offerss products that are unique and different from those of the competition |
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cost leadership strategy |
seeks to operate with lower costs than competitors |
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focuses differentiation strategy |
offers a unique product to a special market segment |
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focused cost leadership strategy |
seeks the lowest costs of operations within a special market segment |
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BDG matrix |
analyzes business opportunities according to market growth rate and market share |
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strategic leadership |
inspires people to implement organizational strategies |
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strategic control |
makes sure strategies are well implemented and that poor strategies ar scrapped and changed |
