Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
27 Cards in this Set
- Front
- Back
|
Corporate strategy |
A long term plan of action for the whole organisation, designed to achieve a particular goal |
|
|
Tactic |
A short term policy or decision aimed at resolving a particular problem or meeting a specific part of the overall strategy |
|
|
Strategic management |
The role of management when setting long term goals and implementing cross-functional decisions that should enable a business to reach these goals |
|
|
Influencers of Corporate Strategy |
1.Strengths of the business 2.Resources available 3.Competitive environment 4.Objectives |
|
|
Competitive advantage |
A superiority gained by a business when it can provide the same value product/service as competitors but at a lower price, or can charge higher prices by providing greater value through differentiation. |
|
|
Strategic analysis |
The process of conducting research into the business environment with in which an organisation operates and into the organisation itself to help form future strategies |
|
|
Mission statement |
A statement of the businesses or purpose and focus freeze on the way to motivate employees and stimulate interest by outside groups |
|
|
Mission statement |
A statement of the businesses or purpose and focus freeze on the way to motivate employees and stimulate interest by outside groups |
|
|
Vusion statement |
Statement of what the organisation would like to achieve or accomplish in the long term |
|
|
Porter’s 5 forces |
A framework that models in industry has been influenced by five forces. These are supplier power, buyer power, competitive rivalry, barriers to entry and threat of substitutes |
|
|
Core competencies |
And important business capability that gives the firm competitive advantage |
|
|
Porter’s 5 forces |
A framework that models in industry has been influenced by five forces. These are supplier power, buyer power, competitive rivalry, barriers to entry and threat of substitutes |
|
|
Core competencies |
And important business capability that gives the firm competitive advantage |
|
|
Core product |
Product based on a business’s core competencies but not necessarily for final consumer or end user |
|
|
Ansoff’s Matrix |
A model used to show the degree of risk associated with the four growth strategies of market penetration development product development and diversification |
|
|
Power culture |
Concentrating power among just a few people |
|
|
Power culture |
Concentrating power among just a few people |
|
|
Role culture |
Each member of staff has a clearly defined job title and role |
|
|
Power culture |
Concentrating power among just a few people |
|
|
Role culture |
Each member of staff has a clearly defined job title and role |
|
|
Task culture |
Based on cooperation and teamwork |
|
|
Person culture |
When individuals are given the freedom to express themselves fully and make decisions for themselves |
|
|
Power culture |
Concentrating power among just a few people |
|
|
Role culture |
Each member of staff has a clearly defined job title and role |
|
|
Task culture |
Based on cooperation and teamwork |
|
|
Person culture |
When individuals are given the freedom to express themselves fully and make decisions for themselves |
|
|
Entrepreneurial culture |
Encourages management and workers to take risks, come up with new ideas and test out new business ventures |
