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10 Cards in this Set
- Front
- Back
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Planning
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Identifying and creating appropriate goals and courses of action for an organization
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Strategy
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A cluster of decisions about what goals to pursue, what actions to take, and how to use resources to achieve goals
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Three Steps to Planning
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Determine the organizations mission and goals
Formulate strategy Implement strategy |
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Mission Statement
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A broad declaration of an organizations purposes that identifies the organizations products and customers and distinguishes the organization form its competitors
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Corporate-Level Strategy
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A plan that indicates in which industries and national markets to compete
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Business-Level Strategy
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A plan that indicates how a division intends to compete against its rivals in an industry
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Functional Strategy
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A plan that indicates how managers intend to increase the value of the organizations goods and services to customers
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Strategic formula
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The ability of the CEO and top managers to convey a compelling vision of what they want the organization to achieve to their subordinates
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Porter's Five Forces
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Potential Entrants
Suppliers Substitutes Buyers Industry Competitors |
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Concentration on a Single Industry
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Reinvesting a company's profits to strengthen its competitive position in its current industry
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