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8 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is strategic management?
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The process of formulating organizational goals and objectives, developing tactics to achieve these goals, and designing performance measures to evaluate whether the goals and objectives are being met.
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Process, developing, designing
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What does the overall organizational strategy define?
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How the organization competes in the martketplace.
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Name one model that has been developed to help formulate an organization's strategy?
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"Porter's Five Forces" developed by Michael Porter
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What does Porter's Five Forces evaluate in regards to strategic management?
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It meausres the organization's competitive intensity based on five dimensions.
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HOW does Porter's Five Forces measure competitive intensity?
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Based on five dimensions of:
Bargaining power of customers Bargaining power of suppliers Threat of new entrants Threat of substitute products Intensity of competition bargaining power of suppliers |
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Name two generic strategies from Porter's model for competition in broad (national & international) arenas.
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Product differentiation, Cost leadership
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Define the third strategy under Porter's model, stemming from segmenting the market.
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Focus strategy, niche marketing
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Competition in market SEGMENTS can be based on what two strategies?
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Low cost (cost focus) or product differentiation (focused differentiation)
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