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This document defines key terms related to strategic management in Chapter 8. There are over 30 terms defined concisely, including strategic management, strategies, business model, strategic management process, mission, opportunities, threats, resources, capabilities, core competencies, strengths, weaknesses, SWOT analysis, corporate strategy, growth strategy, related diversification, unrelated diversification, stability strategy, renewal strategy, retrenchment strategy, turnaround strategy, BCG matrix, business or competitive strategy, strategic business units, competitive advantage, cost leadership strategy, differentiation strategy, focus strategy, stuck in the middle, functional strategies, strategic flexibility, and first mover.
This document defines key terms related to strategic management in Chapter 8. There are over 30 terms defined concisely, including strategic management, strategies, business model, strategic management process, mission, opportunities, threats, resources, capabilities, core competencies, strengths, weaknesses, SWOT analysis, corporate strategy, growth strategy, related diversification, unrelated diversification, stability strategy, renewal strategy, retrenchment strategy, turnaround strategy, BCG matrix, business or competitive strategy, strategic business units, competitive advantage, cost leadership strategy, differentiation strategy, focus strategy, stuck in the middle, functional strategies, strategic flexibility, and first mover.
Copyright:
Attribution Non-Commercial (BY-NC)
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Als DOC, PDF, TXT herunterladen oder online auf Scribd lesen
This document defines key terms related to strategic management in Chapter 8. There are over 30 terms defined concisely, including strategic management, strategies, business model, strategic management process, mission, opportunities, threats, resources, capabilities, core competencies, strengths, weaknesses, SWOT analysis, corporate strategy, growth strategy, related diversification, unrelated diversification, stability strategy, renewal strategy, retrenchment strategy, turnaround strategy, BCG matrix, business or competitive strategy, strategic business units, competitive advantage, cost leadership strategy, differentiation strategy, focus strategy, stuck in the middle, functional strategies, strategic flexibility, and first mover.
Copyright:
Attribution Non-Commercial (BY-NC)
Verfügbare Formate
Als DOC, PDF, TXT herunterladen oder online auf Scribd lesen
strategic management What managers do to develop the
organization’s strategies.
strategies The decisions and actions that determine the
long-run performance of an organization.
business model A strategic design for how a company
intends to profits from its strategies, processes, and activities.
strategic management process A six-step process that encompasses
strategic planning, implementation, and evaluation.
mission A statement of the purpose of an
organization.
opportunities Positive trends in external environmental
factors.
threats Negative trends in external environmental
factors.
resources An organization’s assets that are used to
develop, manufacture, and deliver products or services to its customers.
capabilities An organization’s skills and abilities in
doing the work activities needed in its business.
core competencies The organization’s major value-creating
skills and capabilities that determine its competitive weapons.
strengths Any activities the organization does well or
any unique resources that it has.
weaknesses Activities the organization does not do well
or resources it needs but does not possess.
SWOT analysis An analysis of the organization’s strengths,
weaknesses, opportunities, and threats. corporate strategy 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.
growth strategy 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, either through its current business(es) or through new business(es).
related diversification When a company grows by combining with
firms in different, but related, industries.
unrelated diversification When a company grows by combining with
firms in different and unrelated industries.
stability strategy A corporate strategy characterized by an
absence of significant change in what the organization is currently doing.
renewal strategy A corporate strategy designed to address
organizational weakness that are leading to performance declines.
retrenchment strategy A short-run renewal strategy.
turnaround strategy A renewal strategy for situations in which
the organization’s performance problems are more serious.
BCG matrix A strategy tool that guides resource
allocation decisions on the basis of market share and growth rate of SBUs.
business or competitive strategy An organizational strategy focused on how
the organization will compete in each of its businesses.
strategic business units The single businesses of an organization in
several different businesses that are independent and formulate their own strategies.
competitive advantage What sets an organization apart; its
distinctive edge. cost leadership strategy A business or competitive strategy in which the organization competes on the basis of having the lowest costs in its industry.
differentiation strategy A business or competitive strategy in which
a company offers unique products that are widely valued by customers.
focus strategy A business or competitive strategy in which
a company pursues a cost or differentiation advantage in a narrow industry segment.
stuck in the middle A situation where an organization hasn’t
been able to develop either a low cost or a differentiation competitive advantage.
functional strategies The strategies used by an organization’s
various functional departments to support the business or competitive strategy.
strategic flexibility The ability to recognize major external
environmental changes, to quickly commit resources, and to recognize when a strategic decision was a mistake.
first mover An organization that’s first to bring a
product innovation to the market or to use a new process innovation.