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MGT 202 Ch6
Strategic Management
19
Management
Undergraduate 2
05/12/2010

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Term
Business Plan
Definition
A document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success.
Term
Strategy
Definition
a large-scale action plan that sets the direction for an organization.
Term
Strategic management
Definition
a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals
Term
Michael Porter*
Definition
The single most important strategist working today and maybe of all time.
Term
Strategic Positioning
Definition
attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company
Term
Strategic management
Definition
a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals
Term
Five steps to strategic management process
Definition
1, Establish the mission and vision. 2, Establish the grand strategy with environmental scanning. 3, Formulate the strategic plans. 4, Carry out the strategic plans. 5, Maintain strategic control.
Term
Grand Strategy
Definition
After an assessment of current organizational performance, then explains how the organization's mission is to be accomplished. three common grand strategies are growth, stability, and defensive.
Term
Growth Strategy
Definition
Is a grand strategy that involves expansion--as in sales revenues, market share, number of employees, or number of customers or clients served(nonprofits)
Term
Stability Strategy
Definition
is a grand strategy that involves little or no significant change.
Term
Defensive Strategy
Definition
Is a grand strategy that involves reduction in the organization's efforts.
Term
Strategy Formulation
Definition
is the process of choosing among different strategies and altering them to best fit the organization's needs.
Term
Strategic Control
Definition
Consists of monitoring the execution of strategy and making adjustments, if necessary.
Term
environmental scanning
Definition
careful monitoring of an organization's internal and external environments to detect early signs of opportunities and treats that may influence the firm's plans
Term
Forecast
Definition
is a vision or projection of the future
Term
Trend Analysis
Definition
is a hypothetical extension of a past series of events into the future.
Term
Scenario Analysis
Definition
is the creation of alternative hypothetical but equally likely future conditions.
Term
Porter's Model for industry analysis
Definition
are business-level strategies originate in five primary competitive forces in the firm's environment: 1, threats of new entrants. 2, Bargaining power of suppliers. 3, Bargaining power of buyers. 4, Threats of substitute products or services. 5, rivalry among competitors.
Term
Porter's four competitive Strategies
Definition
1, cost-leadership 2, Differentiation 3, Cost-focus 4, focused-differentiation
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