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19 Cards in this Set
- Front
- Back
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strategic management
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the set of managerial decisions and actions that determines the long-run performance of an organization
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strategic management process
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six-step process that encompasses strategic planning, implementation, and evaluation
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opportunities
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positive trends in external environmental factors
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threats
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negative trends in external environmental factors
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strengths
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any activities the organization does well or any unique resources that it has
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weaknesses
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any activities the organization does not do well or any unique resources it needs but does not possess
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SWOT analysis
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an analysis of the organization's strengths, weaknesses, opportunities, and threats
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corporate-level strategy
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an organizational strategy that determines what businesses a company is in, should be in, or wants to be in, and what it wants to do with those businesses
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growth strategy
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a corporate strategy that's used when an organization wants to grow and does so by expanding the number of products offered or markets served
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stability strategy
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a corporate strategy characterized by an absence of significant change in what the organization is currently doing
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related diversification
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when a company grows by combining with firms in different, but related, industries
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unrelated diversification
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when a company grows by combining with firms in different and unrelated industries
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turnaround strategy
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a renewal strategy for situations in which the organization's performance problems are more serious
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business-level strategy
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an organizational strategy focused on how the organization will compete in each of its businesses
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cost leadership strategy
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a business or competitive strategy in which the organization competes on the basis of having the lowest costs in its industry
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stuck in the middle
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a situation where an organization hasn't been able to develop either a low-cost or a differentiation competitive advantage
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functional-level strategy
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strategy used by an organization's various functional departments to support the business or competitive strategy
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rule of three
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concept which explains how three major players emerge to dominate the market
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first mover
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an organization that's first to bring a product innovation to the market or to use a new process innovation
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