Chapter 9 – Leadership Flashcard
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Business model
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A ________ describes the rationale of how a company is going to make money.
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what the organization is in business to do
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Defining the organizational mission forces managers to identify ________.
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what the competition is doing
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Managers perform an external analysis so that they know about ________.
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opportunities
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________ are positive trends in the external environment.
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opportunities; threats
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A study of the external environment allows a manager to understand the ________ and ________ for the organization.
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performing an internal analysis
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If a bank estimates the capabilities of its employees who provide customer service prior to implementing a new training program designed to change their method of providing customer service, it is ________.
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Resources
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An organization's financial, physical, human, and intangible assets are known as its ________.
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Core competencies
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The major value-creating capabilities of the organization are known as its ________.
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SWOT analysis
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The combined external and internal analyses are called ________.
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effectiveness of the strategies used
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The final step in the strategic management process allows an organization to understand the ________.
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Corporate
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Top-level managers are responsible for ________ strategies.
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Functional
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Lower-level managers are responsible for ________ strategies.
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growth, stability, and renewal
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What are the three main types of corporate strategies?
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growth
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A ________ strategy is when an organization expands the number of markets served or the products offered.
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backward vertical integration
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In ________, the organization becomes its own supplier so it can control its inputs.
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horizontal integration
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In ________, a company grows by combining with competitors.
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Related diversification
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________ takes place when a company combines with other companies in different, but associated, industries.
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stability
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When an organization continues serving the same clients by offering the same product or service, maintaining market share, and sustaining the organization's current business operations, it is following a ________ strategy.
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Renewal
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________ strategies address declining performance through retrenchment and turnaround strategies.
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maintain the lowest cost structure
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A cost leadership strategy requires a firm to ________.
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Differentiation strategy
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A company that competes by offering unique products that are widely valued by customers is following a ________.
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Focus strategy
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Which of the following strategies involves a cost advantage or a differentiation advantage in a narrow segment?
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Strategic leadership
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________ is the ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create a viable and valuable future for the organization.
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first mover
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An organization that initially brings a product innovation to the market is known as the ________.
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Strategic flexibility
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________ is the ability to recognize major external changes, to quickly commit resources, and to recognize when a strategic decision is not working.
