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STRA 5370 Test #1
STRA 5370 Test #1
21
Business
Undergraduate 4
10/02/2013

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Cards

Term
Strategic Planning
Definition
The process of articulating the firm's strategy and the programs that implement it
Term
Strategy Execution
Definition
The substance of strategic actions
Term
In order to have successful execution...
Definition
clear communication to employees, commitment from employees, frequent feedback
Term
Strategic planning elements
Definition
Mission/vision statement, analysis of industry and firm's market position, financial and operating goals, strategic initiatives, and program planning within each initiative
Term
Value
Definition
consumer willingness to pay
Term
Differentiator
Definition
Improves market position through innovation
Term
Cost Leader
Definition
Improves market position through cost cutting
Term
Search costs
Definition
High for products whose value is apparent only after experiencing the product, experience goods
Term
Transition costs
Definition
Costs associated with shifting from old equipment or practices to new ones
Term
Learning costs
Definition
Costs incurred in learning a new process
Term
Property rights
Definition
Patents, trademarks
Term
Dedicated assets
Definition
Exclusive distribution channels, suppliers or location
Term
Sunk costs
Definition
One time, non-repeated investments in technology, brand, network scope and other assets whose economic benefits are reaped continuously afterward
Term
Casual ambiguity
Definition
Difficulty in copying a capability because it cannot be modeled effectively
Term
Resources
Definition
The tangible and intangible assets controlled by a firm the can be used to conceive of an implement its strategies
Term
Capabilities
Definition
A firm's ability to accomplish tasks that are linked to performance by increasing value, decreasing cost or both
Term
Stronger Rivalry
Definition
Large number and relatively similar size of competitors
Term
Stronger Buyers
Definition
Raise the value required to compete in the industry
Term
Stronger Suppliers
Definition
Lower the value provided to firms in the industry
Term
Lower Entry Costs
Definition
Lower the price to keep entrants out of the industry
Term
More Powerful Substitues
Definition
More competing products mean more value required to compete in the industry
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