Strategic Management (Chapter 1)

Front 1

romantic view of leadership

Back 1

situations in which the leader is the key force determining the organization's success - or lack thereof.

Front 2

external control view of leadership

Back 2

situations in which external forces - where the leader has limited influence - determine the organization's success

Front 3

strategic management

Back 3

the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages

Front 4

strategy

Back 4

the ideas, decisions, and actions that enable a firm to succeed.

Front 5

competitive advantage

Back 5

a firm's resources and capabilities that enable it to overcome the competitive forces in its industry(ies)

Front 6

operational effectiveness

Back 6

performing similar activities better than rivals

Front 7

stakeholders

Back 7

individuals, groups and organizations who have a stake in the success of the organization, including owners(shareholders in a publicly held corporation), employees, customers, suppliers, and the community at large

Front 8

effectiveness

Back 8

tailoring actions to the needs of an organization rather than wasting effort, or "doing the right thing"

Front 9

efficiency

Back 9

performing actions at a low cost relative to a benchmark, or "doing things right"

Front 10

ambidexterity

Back 10

the challenge managers face of both aligning resources to take advantage of existing product markets as well as proactively exploring new opportunities

Front 11

strategic management process

Back 11

strategy analysis, strategy formulation and strategy implementation

Front 12

intended strategy

Back 12

strategy in which organizational decisions are determined only by analysis

Front 13

realized strategy

Back 13

strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments, unanticipated resource constraints, and/or changes in managerial preferences.

Front 14

strategy analysis

Back 14

study of firms' external and internal environments, and their fit with organizational vision and goals

Front 15

strategy formulation

Back 15

decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain competitive advantage.

Front 16

strategy implementation

Back 16

actions made by films that carry out the formulated strategy, including strategic controls, organizational design, and leadership

Front 17

corporate governance

Back 17

the relationship among various participants in determining the direction and performance of corporations. The primary participants are (1) the shareholders, (2) the management (led by the chief executive officer), and (3) the board of directors

Front 18

social responsibility

Back 18

the expectation that businesses or individuals will strive to improve the overall welfare of society

Front 19

triple bottom line

Back 19

assessment of a firm's financial, social , and environmental performance

Front 20

hierarchy of goals

Back 20

organizational goals ranging from, at the top, those that are less specific yet able to evoke powerful and compelling mental images, to, at the bottom, those that are more specific and measurable

Front 21

vision

Back 21

organizational goal(s) that evoke(s) powerful and compelling mental images

Front 22

mission statement

Back 22

a set of organizational goals that include both the purpose of the organization, its scope of operations, and the basis of its competitive advantage

Front 23

strategic objectives

Back 23

a set of organization goals that are used to operationalize the mission statement and that are specific and cover a well-defines time frame.