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10 Cards in this Set
- Front
- Back
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Strategy |
the organization’s goal-directed decisionsand actions in which its capabilities and resources are aligned with theopportunities and threats in its environment |
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Strategic Management |
the process of analyzing the current situation,developing appropriate strategies, putting those strategies into action, andevaluating, modifying, or changing strategy as needed |
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Interdisciplinary |
doesn’t focus on any specific organizational area |
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Situation Analysis |
the scanning and evaluating of the current organizational context, external environment, and organizational environment |
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Strategy Formulation |
the developing and then selecting of appropriate strategies ` |
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Corporate Strategy |
- concerned with the broad and more long-term choices (3-5 years) What direction are we going and what business(es) are we in or do we want to be in? |
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Competitive Strategy |
- address what competitive advantages an organization currently has or wants to develop (1-3 years) How are we going to compete in our chosen business(es)? |
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Functional Strategy |
- short-term (< 1 year), goal directed decisions & actions of the organization's various functional areas What resources and capabilities do we have to support the corporate and competitive strategies? |
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Board of Directors |
the elected representatives of a company’sshareholders with the legal obligation to represent shareholders and to protecttheir interests; empowered to act on the shareholder’s behalf inoverseeing the management of the company |
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Top Management Team |
acts as the strategic leaders and is ultimatelyresponsible for every decision and action of every organizational employee |
