Term
|
Definition
| the process through which organizations analyze and learn from their internal and external environments, establish strategic direction, create and implement strategies to satisfy key stakeholders |
|
|
Term
|
Definition
| Internal environment, external environment, stakeholders, SWOT |
|
|
Term
|
Definition
philosophy, mission statement, vision, goals
long term goals and objectives of the company
defines the reasons for which a company exists and operates |
|
|
Term
|
Definition
represents a pattern of decisions and actions that are intended to carry out the plan
organizational design, control systems, management, resource allocation |
|
|
Term
| action stage of strategic management |
|
Definition
| most difficult stage, mobilization of employees and managers and org. resources |
|
|
Term
|
Definition
means by which objectives are achieved
a pattern that emerges in a sequence of decisions over time
an organizational plan of action that is intended to move a company toward the achievement of its shorter-term goals and ultimately its fundamental purposes |
|
|
Term
| critical economic factors |
|
Definition
| inflation, economic growth, exchange rates, interest rates, trade deficits |
|
|
Term
|
Definition
| security of travel and public places, pollution of environment, aging society, fear of traveling, stock market volatility, declining quality of education, roles of government in health care and elder care, global warming |
|
|
Term
|
Definition
| immigration and employment, tax rates, lobbying efforts, patent laws, visa issuance |
|
|
Term
|
Definition
|
|
Term
|
Definition
| economic power of consumers, economic power of suppliers, rivalry among competing firms, potential entry of new competitors, and potential development of substitute products |
|
|
Term
| economic power of customers |
|
Definition
customers concentrated or buying in volume affects intensity of competition
consumer power is higher where products are standard or undifferentiated |
|
|
Term
| economic power of suppliers |
|
Definition
large number of suppliers and few substitutes affect intensity of competition
backward integration can gain control or ownership of suppliers |
|
|
Term
| economic power of suppliers |
|
Definition
large number of suppliers and few substitutes affect intensity of competition
backward integration can gain control or ownership of suppliers |
|
|
Term
| rivalry among competing firms |
|
Definition
most powerful of the five forces
focus on competitive advantages of strategies |
|
|
Term
| potential entry of new competitors |
|
Definition
barriers to entry are important
quality, pricing and marketing can overcome barriers |
|
|
Term
| potential development of substitute products |
|
Definition
are there other industries that can satisfy the customer need that our industry is satisfying?
pressure increases when consumers' switching cost decreases |
|
|
Term
|
Definition
| educated assumptions about future trends and events |
|
|
Term
|
Definition
what are we here to do?
guidance, motivation, communication, reputation
distinguishes an organization from others by stating the basic scope and operations of the firm, primarily by defining markets, customers, products, locations, or strategic features |
|
|
Term
|
Definition
ideal image of the future
what the organization wants to or can become in time
forward looking view |
|
|
Term
|
Definition
guide decisions and behaviors
very common in the hospitality industry
high level managers have significant influences
other managers and employees also have influences
special emphasis on: social responsibility, green initiatives, profit vs. responsible behavior, ethical frames of reference, code of ethics and ethics officers |
|
|
Term
| The traditional perspective |
|
Definition
| consists of analyzing the internal and external environments of the company to arrive at organizational strengths, weaknesses, opportunities and threats (SWOT) |
|
|
Term
|
Definition
| organizational success can be explained in terms of the resources and capabilities possessed by an organization |
|
|
Term
|
Definition
business organizations are becoming a tangled web of alliances and contracts
expands a company's responsibility to groups or individuals who significantly affect or are significantly affected by the company's activities including stockholders |
|
|
Term
| strategic management process |
|
Definition
| situation analysis, strategic direction, strategy formulation, strategy implementation |
|
|
Term
|
Definition
the process of planning strategies
often divided into 3 levels: corporate, business and functional |
|
|
Term
|
Definition
a vision with regard to where an organization is or should be going
implies a particular point of view about the long term |
|
|
Term
|
Definition
| economic responsibilities, legal responsibilities, moral obligations, discretionary responsibilities |
|
|
Term
|
Definition
the joining of ethical and strategic thinking
organization's best possible reason for the actions it takes |
|
|
