Team 2

Front 1

Represent the results expected from pursuing certain strategies.

Back 1

Long-term objectives

Front 2

Represent the actions to be taken to accomplish long-term objectives

Back 2

Strategies

Front 3

What's the time frame for objectives and strategies to be consistent?

Back 3

2 to 5 years

Front 4

It is hard to imagine an organization or an individual being successful without clear __________.

Back 4

Objectives

Front 5

_________ are needed at the corporate, divisional, and functional levels of an organization.

They are an important measure of managerial performance

Back 5

Long-term objectives

Front 6

What are the two types of objectives especially common in organizations?

Back 6

Financial and strategic objectives

Front 7

Include those associated with growth in revenues, growth in earnings, higher dividends, larger profit margins, greater return on investment, higher earnings per share, a rising stock price, improve cash flow, and so on.

Back 7

Financial objectives

Front 8

Include things such as a larger market share, quicker on-time delivery than Rivals, shorter designed to Market times then rival, lower costs then rival, higher product quality than Rivals, wider Geographic coverston rivals, achieving technological leadership, consistently getting new or improved product to Market ahead of Rivals, and so on.

Back 8

Strategic objectives

Front 9

Should include both annual and long-term performance targets

Back 9

Financial and strategic objectives

Front 10

Ignorance is more expensive than

Back 10

Education

Front 11

Adheres to the principle "if it ain't broken, don't fix it". The idea is to keep on doing the same thing in the same way because things are going well

Back 11

Managing by extrapolation

Front 12

A form of reacting, letting events dictate the what and when of management decisions. Based on the belief that true measure of a really good strategist is the ability to solve problems.

Back 12

Managing by crisis

Front 13

Built on the idea that there is no General plan for which way to go and what to do; just do the best you can to accomplish what you think should be done. In short, "Do Your Own Thing, the best way you know how."

Back 13

Managing by subjectives

Front 14

Based on the fact that the future is laden with great uncertainty and that if we try and do not succeed, can we hope our second (or third) attempt will succeed.

Back 14

Managing by hope

Front 15

Most organizations simultaneously pursue a combination of two or more strategies, but a _____________ can be exceptionally risky if carried too far.

Back 15

Combination strategy

Front 16

___________ is much more than a roll of the dice; it is an educated wager based on predictions and hypotheses that are continually tested and redefined by knowledged, research, experience, and learning.

Back 16

Strategic planning

Front 17

Hansen and Smith explain. Strategic planning involves

Back 17

Choices that risk resources and trade-offs that sacrifice opportunity

Front 18

Adding New, unrelated products or services

Back 18

Unrelated diversification

Front 19

Organizations cannot exceed into many things because _________________ get thin and competitors gain advantage.

Back 19

Resources and talents

Front 20

Adding new but related products or services

Back 20

Related diversification

Front 21

Forward integration and backward integration are sometimes collectively referred to as ____________

Back 21

Vertical integration

Front 22

______________ allow a firm to gain control over distributors and suppliers

Back 22

Vertical integration

Front 23

___________ involves gaining ownership or increase control over distributors or retailers

Back 23

Forward integration

Front 24

An effective means of implementing forward integration is _____________

Back 24

Franchising

Front 25

___________ is a strategy of seeking ownership or increase control over suppliers.

Back 25

Backward integration

Front 26

Can be easily appropriate when a firm's current suppliers are unreliable, too costly, or cannot meet the firm's needs.

Back 26

Backward integration

Front 27

Makes sense in industries that have global resources of supply

Back 27

De-integration

Front 28

Seeking ownership of or control over a firm's competitors

Back 28

Horizontal integration

Front 29

Is arguably the most common growth strategy

Back 29

Horizontal integration

Front 30

Market penetration, Market development, and product development are sometimes referred to as _______________ because they require intensive efforts if a firm's competitive position with existing products is to improve.

Back 30

Intensive strategies

Front 31

Seeks to increase market share for present products or services in present markets through greater marketing efforts.

Back 31

Market penetration

Front 32

Involves introducing present products or Services into new Geographic areas

Back 32

Market development

Front 33

Seeks increased sales by improving or modifying present products or services

Back 33

product development

Front 34

Is widely used alone and in combination with other strategies

Back 34

Market penetration

Front 35

Usually entails large research and development expenditures

Back 35

Product development

Front 36

Occurs when an organization regroups and reverse declining sales and profits. Sometimes called a turnaround or reorganizational strategies

Back 36

Retrenchment

Front 37

designed to fortify an organizations basic distinctive competence. Strategies work with limited resources and face pressure from shareholders, employees, and the media.

Back 37

Retrenchment

Front 38

Can be an effective retrenchment strategy and can allow a firm to avoid major debt obligation and to avoid Union contracts.

Back 38

bankruptcy

Front 39

Is a liquidation procedure used only when a corporation sees no hope of being able to operate successfully or to obtain the necessary creditor agreement

Back 39

Chapter 7 bankruptcy

Front 40

Applies to municipalities

Back 40

Chapter 9 bankruptcy

Front 41

Allows organizations to reorganize and come back after filing a petition for protection

Back 41

Chapter 11 bankruptcy

Front 42

Was created by the family farmer bankruptcy Act of 1986. This law provide special relief to family Farmers with Debt equal to or less than 1.5 million.

Back 42

Chapter 12 bankruptcy

Front 43

Is a reorganization plan available only to small businesses owned by individuals with unsecured debts of less than 100,000 and secured bebts of less than 350,000.

Back 43

Chapter 13 bankruptcy

Front 44

According to Porter, strategies allow organizations to gain competitive Advantage from three different bases: cost leadership, differentiation, and focus. Porter calls of these bases ___________

Back 44

Generic strategies

Front 45

Emphasizes producing standardized products at a low per unit cost for consumers who are price sensitive

Back 45

Cost leadership

Front 46

There are two alternatives of cost leadership strategies that can be defined

Back 46

Type 1 and Type 2

Front 47

Is a low-cost strategy that offers products or services to a wide range of customers at the lowest price available on the market

Back 47

type 1

Front 48

It's a best value strategy that offers products or services to a wide range of customers at the best price value of available in the market

Back 48

type 2

Front 49

Both ________________ strategies target a large Market

Back 49

type 1 and type 2

Front 50

Porter's type3 generic strategy is _____________, a strategy aimed at producing products and services considered unique to the industry and directed at consumers who are relatively price insensitive.

Back 50

Differentiation

Front 51

Means producing products and services that fulfill the needs of small groups of consumers.

Back 51

Focus

Front 52

Two alternative types of focus strategies are _________ and ________.

Back 52

Type 4 and type 5

Front 53

is a low-cost Focus strategy that offers products or services to a small range of customers at the lowest price available on the market

Back 53

Type 4

Front 54

Both _______ and _______ focus strategies target a small market.

Back 54

Type 4 and type 5

Front 55

Is a best-value focus strategy that offers products or services to a small range of customers at the best price-value available on the market. Sometimes called "focused differentiation".

Back 55

Type 5

Front 56

Porter's five strategies implied different _______ arrangements, _________ procedures, and ______ systems.

Back 56

Organizational, control, and incentive

Front 57

Hoarder stresses the need for strategists to perform cost-benefit analysis to evaluate _________________ among a firm's existing and potential business units.

Back 57

Sharing opportunities

Front 58

_____________ intensive competitive Advantage by lowering costs for increasing differentiation.

Back 58

Sharing activities and resources enhances

Front 59

Companies employing a _______ or ________ cost leadership strategy must achieve their competitive advantage in ways that are difficult for competitors to copy or match.

Back 59

Low-cost (Type 1) or best-value (Type 2)

Front 60

A primary reason for pursuing _______, _______, and ________ integration strategies is to gain low-cost or best value cost leadership benefits. But cost leadership generally must be pursued in conjunction with differentiation.

Back 60

Forward, backward, and horizontal

Front 61

A risk of pursuing cost leadership is that competitors may _____________ , thus driving over industry profits down.

Back 61

Imitate the strategy

Front 62

________ does not guarantee competitive Advantage, especially if standard products sufficiently Meet customer needs or a rapid imitation by competitors is possible.

Back 62

Differentiation

Front 63

A successful _________________ allows a firm to charge a higher price for its products and to gain Customer Loyalty because consumers may become strongly attached to the differentiation factors.

Back 63

Differentiation strategy

Front 64

A risk of pursuing a differentiation strategy is that the unique product may not be _______________ enough by customers to justify the higher price.

Back 64

Valued highly

Front 65

The most effective differentiation bases are those that are _____________ for rivals to duplicate.

Back 65

Hard or expensive

Front 66

Strategies such as __________ and _________ offer substantial focusing advantages.

Back 66

Market penetration and Market development

Front 67

Desired milestones an organization needs to achieve to ensure successful strategy implementation.

Back 67

annual objectives

Front 68

Clearly ________________ objectives are critical to success in all types of sizes of firms. Annual objectives are often stated in terms of profitability, growth, and market share by business segments, geographic area, customer group, and product.

Back 68

stated and communicated

Front 69

Specific guidelines, methods, procedures, rules, forms, and administrative practices established to support and encourage work towards stated goals.

Back 69

Policies

Front 70

Can be defined as a disagreement between two or more parties on one or more issues

Back 70

Conflict

Front 71

___________ are necessary because no firm has sufficient resources to pursue all strategies that would benefit the firm

Back 71

Trade-offs

Front 72

Is conflict always bad?

Back 72

Conflict is not always bad. An absence of conflict can signal indifference and apathy.

Front 73

Can serve to energize opposing groups into action and may help managers identify problems.

Back 73

Conflict

Front 74

What are the three approaches for managing and resolving conflict?

Back 74

Avoidance

Defusion

Confrontation

Front 75

Ignoring the problem in hopes that the conflict will resolve itself or physically separate the conflicting individuals

Back 75

Avoidance

Front 76

Playing down differences between conflicting parties while accentuating similarities and common interests, compromising so that there is neither a clear winner nor loser, resorting to majority rule, appealing to a higher authority, or redesigning present positions.

Back 76

Defusion

Front 77

Exemplified by exchanging members of conflicting parties so that each can gain an appreciation of the others point of you were holding a meeting at which conflicting parties present their views and work through their differences

Back 77

Confrontation

Front 78

____________ should be consistent across hierarchical levels and form a network of support of aims.

Back 78

Objectives

Front 79

Annual objectives should be supported by

Back 79

Clearly stated policies