Intro to Management (HW 1) – Flashcards
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Every strategy needs :
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a distinctive element that attracts customers and produces a competitive edge
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Strategy
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The competitive moves and business approaches a company's management is using to grow the business, stake out a market position, attract and please customers, compete successfully, conduct operations, and achieve organizational objectives.
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What is the foremost question in running a business enterprise ?
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What must managers do, and do well, to make a company a winner in the marketplace?
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A company's strategy concerns:
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management's action plan four outperforming competitors and achieving superior profitability
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Well-stated objectives are:
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quantifiable or measurable, and contain deadlines for achievement
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A company's strategy is most accurately defined as
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management's commitment to provide direction and guidance, in terms of not only what the company should do but what it should not do.
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What question can be used to distinguish a winning strategy from a mediocre or losing strategy ?
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How well does the strategy fit the company's situation?
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The objectives of a well-crafted strategy require management to strive to:
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develop a lasting success that can support growth and secure the company's future over the long term.
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A sound, well-communicated strategic vision matters, and the related payoffs occur in several respects, except in connection with:
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avoiding strategic inflection points and management's reaction in aligning decision choices.
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A strategic vision constitutes management's view and conclusions about the company's :
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long-term direction and what product-market-customer mix seems optimal.
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Crafting a deliberate strategy involves developing strategy elements that
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consist of a blend of proactive new planned initiatives plus ongoing strategy elements continued from prior periods.
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A strategic visions has enormous motivational value and can usually be stated adequately in one to two paragraphs, and managers should be able to personally:
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paint a convincing and inspiring picture of the company's journey and destination effectively.
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A company's mission statement should be sufficiently descriptive and should ...
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identify the company's services and products, specify the buyer's needs that the company seeks to satisfy, identify the customer or market that the company intends to serve, and give the company its own identity.
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In crafting a company's strategy
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managers need to come up with a sustainable competitive advantage that draws in customers and produces a competitive edge over rivals
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A company's values relate to such things as:
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fair treatment, integrity, ethical behavior, innovativeness,, teamwork, top-notch quality, superior customer service, social responsibility, and community citizenship.
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The most telling signs of a well managed company are:
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good strategy-making combined with good strategy execution.
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Well-conceives visions are ___________ and ____________ to a particular organization and they avoid generic, feel-good statements that could apply to hundreds of organizations.
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distinctive; specific
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A company's strategic plan
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outlines the competitive moves and approaches to be used in achieving the desired business results
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Which one of the following questions can be used to distinguish a winning strategy from a mediocre or losing strategy?
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How well does the strategy fit the company's situation?
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A company's strategic vision describes:
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management's aspirations for the future and delineates the company's strategic course and long-term direction.
