Chapter 4: Planning & Strategic Management – Flashcards
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_______ is a set of procedures for making decisions about the organization's long-term goals ; strategies
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*Strategic planning*
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_______ are major targets or end results that relate to the long-term survival, value, ; growth of the organization
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*Strategic goals*
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_______ is a pattern of action ; resource allocations designed to achieve the organization's goals
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*Strategy*
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_______ is a set of procedures for translating broad strategic goals & plans into specific goals & plans that are relevant to a distinct portion of the organization, such as a functional area like marketing
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*tactical planning*
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_______ the process of identifying the specific procedures & processes requires at lower levels of the organization
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*operational planning*
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_________ is a process that involves managers from all parts of the organization in the formulation & implementation of strategic goals & stratergies
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*Strategic management*
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_______ is an organization's basic purpose ; scope of operations
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*Mission*
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_______ is the long-term direction ; strategic intent of a company _______ provides a perspective on where the organization is headed ; what it can become
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*Strategic vision*
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Analysis of External Opportunities ; Threats
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Stakeholders
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Stakeholders
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are groups of individuals who affect ; are affected by the achievement of those organization's goals, mission, goals, & strategies
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_______ are inputs to a system than can enhance performance ______ are tangible, intangible assets
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*resources*
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an analysis of internal strengths & weaknesses include..
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Benchmarking
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_________ is the process of assessing how well one company's *basic functions* ; *skills* compare w/ those of another company or set of companies the goal of ________ is to thoroughly understand the *"best practices"* of other firms ; to undertake actions to achieve both better performance ; lower costs
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*Benchmarking*
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A ________ is a comparison of strengths, weaknesses, opportunities, ; threats that helps executives formulate strategy
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A *SWOT analysis*
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What are aspects of SWOT analysis and Strategy formulation?
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(1) SWOT analysis (2) corporate strategy (3) concentration (4) vertical integration (5) Concentric diversification (6) low-cost strategy (7) differentiation strategy
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________ is the set of businesses, markets, or industries in which an organization competes ; the distribution of resources among those entities
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*Corporate strategy*
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__________ is a strategy employed for an organization that operates a single business ; competes in a single industry
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*Concentration*
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________ is the acquisition or development of new businesses that produce parts or components of the organization's product
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*Vertical integration*
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_______ is a strategy used to add new businesses that produce related products or are involved in related markets & activities
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*Concentric diversification*
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__________ is a strategy an organization uses to build competitive advantage by being efficient & offering a standard, no-frills product
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*Low-cost strategy*
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________ is 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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*Differentiation strategy*
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What are the steps for strategy implementation?
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(1) define strategic *risks* (2) assess organization *agenda* (3) Develop an implementation *agenda* (4) *create* an implementation plan
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A ________ is a system designed to support managers in evaluating the organization's progress regarding its strategy ;, when discrepancies exits, taking corrective action
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A *Strategic control system*
