Chapter 4 Planning and Strategic Management – Flashcards
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situational analysis
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A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration,
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goal
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A target or end that management desires to reach,
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SMART Goal
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Specific Measurable Attainable Relevant Time-Bound
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Plans
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The actions or means managers intend to use to achieve organizational goals,
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scenario
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A narrative that describes a particular set of future conditions
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strategic planning
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A set of procedures for making decisions about the organization's long-term goals and strategies,
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strategic goals
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Major targets or end results relating to the organization's long-term survival, value, and growth,
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strategy
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A pattern of actions and resource allocations designed to achieve the organization's goals,
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tactical planning
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A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing,
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operational planning
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The process of identifying the specific procedures and processes required at lower levels of the organization
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strategic management
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A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies
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mission
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An organization's basic purpose and scope of operations,
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strategic vision
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The long-term direction and strategic intent of a company,
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stakeholders
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Groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies,
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resources
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Inputs to a system that can enhance performance
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core capability
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A unique skill and/or knowledge an organization possesses that gives it an edge over competitors,
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SWOT Analysis
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A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy,
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corporate strategy
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the set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities,
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concentration strategy
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A strategy employed for an organization that operates a single business and competes in a single industry,
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vertical integration
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The acquisition or development of new businesses that produce parts or components of the organization's product,
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concentric diversification
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A strategy used to add new businesses that produce related products or are involved in related markets and activities,
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Conglomerate diversification
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A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities
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question marks
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High-growth, weak-competitive-position businesses
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stars
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High-growth, strong-competitive-position businesses
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cash cows
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Low-growth, strong-competitive-position businesses
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dogs
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low-growth, weak-competitive-position businesses
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business strategy
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The major actions by which a business competes in a particular industry or market,
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low cost strategies
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A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product
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differentiation strategies
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A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions,
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functional strategies
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Strategies implemented by each functional area of the organization to support the organization's business strategy,
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strategic control system
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A system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action,
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planning
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_____ provides individuals and work units with a clear map to follow in future activities.
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strategy map
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A(n) _____ illustrates the four key drivers of a firm's long-term success, and shows how goals in each area are linked to others.
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specific
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The letter S in the acronym SMART stands for:
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that involves expanding the domain of the organization into supply channels or to distributors.
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a vertical integration strategy is a strategy
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tangible and intangible
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The two types of resources are _____ assets.
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contingency plans
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_____ include sets of actions to be taken when a company's initial plans have not worked well or if events in the external environment require a sudden change.
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macroeconomic analysis
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_____ is considered as an activity of the external environment of an organization.
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strategy implementation
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Which of the following takes place after a firm formulates its strategy?
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swot analysis
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Which of the following is one among the six components of the strategic management process?
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The BCG matrix categorizes businesses within a conglomerate's portfolio as dogs, stars, question marks, and _____.
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cash cows
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The most effective _____ statements inspire organization members, offering a worthwhile target for the entire organization to work together to achieve.
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vision
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Which of the following is true of operational planning?
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it identifies specific plans and procedures
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In the BCG matrix, high growth, weak-competitive-position businesses are called _____
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question marks
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In a SWOT analysis, the absence of reliable suppliers would be considered as a(n):
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weakness
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A _____ system is a component of the strategic management process designed to support managers in evaluating the organization's progress with its strategy and, when discrepancies exist, taking corrective action.
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strategic control
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The planning process is similar to the _____ process in that both have a series of steps that are typically repeated in a cycle.
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decision making
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Benchmarking is the process of assessing how well one company's basic functions and skills compare with:
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those of another company
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Which of the following is true of strategic planning?
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they have a strong external orientation
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The planning level with the shortest time horizon is known as _____ planning.
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operational
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The strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions is known as a(n) _____ strategy.
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differenation
