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| the determination of an enterprise's basic long-term goals and objectives, the adoption of courses of action, and the allocation of resources necessary for carrying out these goals. |
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| a broad plan of action for pursuing and achieving the firm's objectives and satisfying its mission |
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| strategic business unit (SBU) |
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| A product or service division of a company that establishes goals and objectives in harmony with the organizations overall mission |
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| a strategic business unit that has high market share in a high-growth market |
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| a strategic business unit with a high market share in a low-growth market. |
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| a strategic business unit that has low market share in a high-growth market |
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| a strategic business unit that has low market share in a low-growth market |
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| a view held by harvard business school economist michael porter that in any industry the nature of the competition is embodied in five competitive forces |
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| all the activities an organization undertakes to create value for a customer |
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| the process of determining desired objectives or benchmarks and of developing ways to reach them. "What do we want the future to be? What must we do now to better ensure that the desired future is achieved?" |
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| the process of examining a firm's internal and external enviroments for important strengths, weaknesses, opportunities, and threats |
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| anything that has the potential to increase the firm's strengths |
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| anything that has the potential to hurt or even destroy a firm |
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| a technique used by management whereby information about events and trends in an organization's external environment are used in planning the organizations future course of action. |
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| a technique used by many firms in which one person is assigned leadership on a single issue and is responsible for strategic decisions on that issue. |
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| the relative worth of a company's products or services as discerned by its customers. This information is used to tailor products and services to meet distinct market segment requirements, thus reducing costs and improving customer service while increasing profitability |
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| a statement of the firms long-term vision of what the firm is trying to become, which differentiates this firm from other firms. The mission provides direction and a sense of purpose to all employees |
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| within an organization, stories tell of experiences and events that transpired where the story-teller works. Stories legitimate power, rationalize group behavior, and reinforce organizational values, identity, and commitment |
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| a capacity thats unique to the firm and thats valued in the market |
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| a broad plan of action for pursuing and achieving a firm's goals and satisfying its mission |
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| in this approach, a firm offers a high-priced product equipped with the greatest number of product-enhancing features, and sells the product to a relatively small group of customers who are willing to pay top dollar for premium features. Sometimes called premium strategy |
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| a strategy of low price, high volume, and low profit margins on each item. With this strategy, a cost leader attempts to attract a large number of customers with low prices, generating a large overall profit by sheer volume of units sold. |
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| a strategy that applies the premium strategy to a restricted market (usually a geographic region) |
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| that which occurs among employees who have experienced to many management initiatives (e.g. TQM, reengineering, cycle time reduction) in too short a time. |
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| end users of the firms products and services |
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| those who own a firm's stock |
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| total quality environmental management (TQEM) |
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| a continuous improvement approach to a company's environmental management practices. It involves forming alliances with other organizations for the purpose of working together to solve common problems |
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