Management – Robbins & Coulter, 11th edition, Chapter 9, Strategic Management

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Strategies
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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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Business model
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How a company is going to make money
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Strategic management process
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A six-step process that encompasses strategic planning, implementation, and evaluation
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Mission
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A statement of an organization’s purpose
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Opportunities
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Positive trends in the external environment
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Threats
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Negative trends in the external environment
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Resources
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An organization’s assets that are used to develop, manufacture, and deliver products to its customers
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Capabilities
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An organization’s skills and abilities in doing the work activities needed in its business
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Core competencies
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The organization’s major value-creating capabilities that determine its competitive weapons
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Strengths
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Any activities the organization does well or its unique resources
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Weaknesses
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Activities the organization does not do well or resources it needs but does not possess
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SWOT analysis
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An analysis of the organization’s strengths, weaknesses, opportunities, and threats
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Corporate strategy
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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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Growth 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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Stability strategy
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A corporate strategy in which an organization continues to do what it is currently doing
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Renewal strategy
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A corporate strategy designed to address declining performance
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BCG matrix
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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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Competitive strategy
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An organizational strategy for how an organization will compete in its business(es)
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Strategic business unit (SBU)
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The single independent businesses of an organization that formulate their own competitive strategies
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Competitive advantage
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What sets an organization apart; its distinctive edge
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Strategic leadership
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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 flexibility
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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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First mover
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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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