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MGMT 301 exam 2
Chapter 7 definitions
20
Management
Undergraduate 1
02/25/2013

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Term
strategy
Definition
comprehensive plan guiding resource allocation to achieve long term organizational goals (similar to planning)
Term
strategic intent
Definition
focuses energy on a compelling goal
Term
big strategy issues (4)
Definition
1. what is unique about your company?
2. what is your competitive advantage?
3. what is your sustainable advantage?
4. what is your core benefit proposition?
Term
levels of strategy (3)
Definition
level 1: corporate
level 2: business
level 3: fuctional
Term
Corporate level of strategy
Definition
(level 1) sets long term direction fro the total enterprise
Term
business level of strategy
Definition
(level 2) identifies how a division or strategic business unit will compete in its product or service domain
Term
functional level of strategy
Definition
(level 3) guides activities within one given area of operations
Term
getting bigger strategies (4)
Definition
1. growth-within current operations
2. concentration- expansion current business
3. diversification- related or new business
4.vertical integration-buy partners in supply chain
Term
getting smaller strategies (5)
Definition
1.restructure
2. downsizing
3. bankruptcy
4. liquidation
5. divestiture
Term
globalization strategy
Definition
adopts standardized products and advertising for use worldwide
Term
cooperative strategy
Definition
strategy of working with rivals on products of mutual benefit
Term
strategy formulation
Definition
the process of creating strategies
Term
strategy implementation
Definition
the process of putting strategies into action
Term
Mission vs Vision
Definition
mission (current) -defines the companies business, its objectives, and approach to reach those objecvtives
vision (future)-describes the future desired position of the company
Term
SWOT analysis
Definition
Strengths -internal
weaknesses -internal
opportunities-external
threats - external
Term
Porter's 5 forces
Definition
1. Competitors-intensity of rivalry among firms in the industry
2. New Entrants-threats of new competitors entering the market
3. suppliers-bargaining power of suppliers
4. customers-bargaining power of customers
5. substitutes-threats of substitute products or services
Term
BCG matrix
Definition
analyzes business opportunities according to market growth rate and market share
Term
LOOK AT GRAPHS
Definition
Term
product life cycle
Definition
introduction, growth, maturity, decline
Term
strategic leadership
Definition
inspires people to implement organizational strategies
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