Management – Robbins & Coulter, 11th edition, Chapter 9, Strategic Management – Flashcards
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The plans for how the organization will do what it's in business to do, how it will compete successfully, and how it will attract and satisfy 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 strategic 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, manufacture, 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 activities 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 its unique resources
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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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An analysis of the organization's strengths, weaknesses, opportunities, and threats
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SWOT analysis
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An organizational strategy that determines 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, either through its current business(es) or through 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 distinctive edge
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Competitive advantage
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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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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
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An organization that's first to bring a product innovation to the market or to use a new process innovation
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First mover
