Management Chapter 6 Quiz – Flashcards
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Mission statement
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Broad declaration of an organization's purpose that identifies the organizations products and customers and distinguishes the organization from its competitors
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Corporate level strategy
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A plan of action to manager the growth and development of an organization as to maximize its long-run ability to create value
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Business-level strategy
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Plan of action to take advantage of favorable opportunities and find ways to counter threats so as to compete effectively in an organization
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BL low-cost strategy
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Driving the organizations total costs down below the total costs of the rivals
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BL Differentiation strategy
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Distinguishing an organization's products from the competitor's products on dimensions such as product design, quality or after sales service
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BL focused low-cost
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Serving only one segment of the overall market & trying to be the lowest cost organization serving that segment
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focused differentiation
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Serving only one segment of the overall market and trying to be the most differentiated organization serving that segment
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CL : diversification
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Expanding a company's business operations into a new industry in order to produce new kinds of valuable goods or services
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CL : Related diversification
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Entering a new businesses industry to create a competitive advantage in one or more organization's existing divisions or business
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Economies of scope
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Cost savings that occur when a firm transfers capabilities and competences developed in one of its business to another of its business
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International strategy
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➢A strategy through which the firm sells its goods or services outside its domestic market.
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Global strategy
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Selling the same standardized product and using the same basic marketing approach in each national market
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Multi-domestic strategy
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Customizing products and marketing strategies to specific national conditions
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Licensing
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Allowing a foreign organization to take charge of manufacturing and distributing a product in its country or work region in return for a negotiated fee
