Management Chapter 9 – Strategic Management – Flashcards
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what managers do to develop the organization's strategies
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strategic management
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Plans for how the organization will do what it's in business to do, how it will compete successfully, and how it will attract its customers in order to achieve its goals
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strategies
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how a company is going to make money
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business model
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A six-step process that encompasses strategy planning, implementation, and evaluation
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strategic management process
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a statement of an organization's purpose
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mission
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positive trends in the external environment
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opportunities
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negative trends in the external environment
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threats
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an organization's assets that are used to develop, manufacturem and deliver products to its customers
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resources
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an organization's skills and abilities in doing the work activites needed in its business
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capabilities
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The organization's major value creating capabilities that determine its competitive weapons
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core competencies
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any activities the organization does well or any unique resources that it has
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strengths
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activities the organization does not do well or resources it needs but does not possess
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weaknesses
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analyzes a businesses strengths, weaknesses, opportunities and threats
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SWOT analysis
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an organizational strategy that specifies what businesses a company is in or wants to be in and what it wants to do with those businesses
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corporate strategy
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a corporate strategy that's used when an organization wants to expand the number of markets served or products offered, through either its current business(es) or new business(es)
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growth strategy
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a corporate strategy in which an organization continues to do what it is currently doing
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stability strategy
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a corporate strategy designed to address declining performance
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renewal strategy
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A strategy tool that guides resource allocation decisions on the basis of market share and growth rate of SBUs
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BCG matrix
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an organizational strategy for how an organization will compete in its business(es)
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competitive strategy
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the single independent businesses of an organization that formulate their own competitive strategies.
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strategic business unit (SBU)
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what sets an organization apart; its distinctictive edge
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competitive advantage
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the strategies used by an organization's various functional departments to support the competitive strategy
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functional strategy
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the ability to anticipate, envision, maintain flexibility, think strategically, and work with others to initiate changes that will create a positive future for an organization
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strategic leadership
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the ability to recognize major external changes, to quickly commit resources, and to recognize when a strategic decision was a mistake.
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strategic flexibility
