Ch 6 Principles of Management (Kinicki & Williams) – Flashcards
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3 common Grand Strategies
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Growth Strategy, Stability Strategy, Defensive Strategy
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3 Core Processes of Business
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People, Strategy, Operations
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BCG Matrix
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Means of evaluating strategic business by Growth Rates and Share of the Market
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Benchmarking
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Comparing your organization to the highest performing organizations
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Cash Cow
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BCG Matrix that has slow growth but a high market share
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Competitive Intelligence
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Gaining information about your competition to anticipate and act appropriately
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Contingency Planning
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The creation of alternative hypothetical but equally likely future conditions
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Cost Leadership Strategy
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One of Porter's 4 competitive strategies keeping the cost and hence prices of a product or service below those of competitors and to Target a wide Market
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Cost-Focus Strategy
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Keeping the costs and prices of a product or service below those of competitors and to Target a narrow Market
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Current Reality Assessment
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Assessment to look at where the organization stands and see what is working and what could be different so as to maximize efficiency and Effectiveness in achieving the
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Defensive Strategy
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This strategy involves reduction in the organization's efforts
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Differentiation Strategy
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Offering products or services that are of unique and Superior value compared with those of competitors but to Target and white Market
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Diversification Strategy
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Company operates several businesses in order to spread the risk
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Dogs
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Low growth low market share
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Focused-Differentiation
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Offering products or services that are unique and Superior value compared to those of competitors and to Target and narrow Market
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Forecast
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A view or projection of the future
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Growth Strategy
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Grand strategy that involves expansion
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How to keep a strategic plan on track
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Michael Porter primary competitive forces
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Cost leadership strategy, differentiation strategy, cost Focus strategy, Focus differentiation strategy
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Mission Statement
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Statement that expresses the purpose of the organization
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Opportunities
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Situations that present possibilities for exceeding existing goals
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Question Marks
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Single product strategy
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Strategy by which a company makes and sells only one product within its Market
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Stability strategy
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This strategy involves little or no significant change
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Strategic positioning
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Strategy that attempts to achieve sustainable competitive Advantage by preserving what is distinctive about a company
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Stars
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High growth High market share
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Strategic planning
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Strategic formulation
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The process of choosing among different strategies and altering them to best fit the organization's needs
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Strength
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What your company does well
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Sustainable competitive advantage
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Threats
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Trend analysis
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A hypothetical extension of a past series of events into the future
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Vision statement
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Statement that expresses what the organization should become and where it wants to go
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Related Diversification
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An organization under one ownership operate separate businesses that are related to one another
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Unrelated diversification
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Operating several businesses under one ownership that are not related to one another
