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31 Cards in this Set
- Front
- Back
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business plan
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document that outlines a proposed firms goals the strategy for achieving them and standards for measuring success
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strategy
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large scale action plan that sets the direction for an organization
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strategic management
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process that involves manaers from all parts of the organization in the formulation and the implementation of strategies and strategic goals
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strategic positioning
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attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company
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grand strategy
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explains how the organizations mission is going to be accomplished. three common grand strategies are growth, stability and defensive
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growth strategy
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a grand strategy that involves expansion; sales revenues, market share, number of employees, or number of customers served
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stability strategy
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grand strategy that involves little or no significant change
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defensive strategy
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grand strategy that involves reduction in the organizations efforts
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strategy formulation
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process of choosing among different strategies and altering them to best fit the organizations needs
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strategy implementation
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putting strategic plans into effect
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strategic control
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consists of monitoring the executing of strategy and making adjustments if necessary
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competitive intelligence
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gaining information about one competitors activities so that you can anticipate their moves and react appropriately
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environmental scanning
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careful monitoring of an organizations internal and external environments to detect early signs of opportunities and threats that may influence the firms plans
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SWOT analysis
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search for the Strengths, Weaknesses, Opportunities and Threats affecting the organization
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Organizational strength
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skills and capabilities that give the organization special competencies and competitive advantage
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organizational threats
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environmental factos that hinder an organizations achieving a competitive advantage
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forecast
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a vision or projection of the future
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trend analysis
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hypothetical extension of a past series of events into the future
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contingency planning
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the creation of alternative hypothetical but equally likely future conditions also known as scenario analysis
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porters model for industry analysis
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business level strategies originate in five primary competitive forces in the firms environment: Threat of New Entrants, Bargaining Power of Suppliers, Bargaining Power of Buyers, Threats of Substitute Products or Services
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cost leadership strategy
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keep the costs lower than competitors to target wide market
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differentiation strategy
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offering product or services that are of unique and superior value compared with those of competitors but to target a wide market
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cost focus strategy
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keeping the costs lower than competitors to target a narrow market
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focused differentiation strategy
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offering products or services that are of unique and superior value compared to those of competitors and to target a narrow market
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single product strategy
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company makes and sells only one product within its market
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diversification
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operating several businesses under one ownership that are not related to one another
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unrelated diversification
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operating several businesses under one ownership that are not related to one another
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related diversification
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organization under one ownership operates separate businesses that are related ton one another
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synergy
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the economin value of separate related businesses under one ownership and management is greater together than te businesses are worth separately
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BCG matrix
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Boston Consulting Group, means of evaluating strategic business units on the basis of their business growth rates and their share of the market
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execution
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a central part of the company's startegy that consists of using questioning, analysis, and follow through to mesh strategy with reality, align people with goals, and achieve results promised
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