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Chapter 4
Planning & Strategic Management
27
Management
Undergraduate 4
01/31/2014

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Term
business strategy
Definition
The major actions by which a business competes in a particular industry or market.
Term
concentration
Definition
A strategy employed for an organization that operates a single business and competes in a single industry.
Term
concentric diversification
Definition
A strategy used to add new businesses that produce related products or are involved in related markets and activities.
Term
conglomerate diversification
Definition
A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities.
Term
core competence
Definition
A unique skill and/or knowledge an organization possesses that gives it an edge over competitors.
Term
corporate strategy
Definition
The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities.
Term
corporate strategy
Definition
The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities.
Term
differentiation strategy
Definition
A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions.
Term
functional strategies
Definition
Strategies implemented by each functional area of the organization to support the organization’s business strategy.
Term
goal
Definition
A target or end that management desires to reach.
Term
low-cost strategy
Definition
A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product.
Term
mission
Definition
An organization’s basic purpose and scope of operations.
Term
operational planning
Definition
The process of identifying the specific procedures and processes required at lower levels of the organization.
Term
plans
Definition
The actions or means managers intend to use to achieve organizational goals.
Term
resources
Definition
Inputs to a system that can enhance performance.
Term
scenario
Definition
A narrative that describes a particular set of future conditions.
Term
situational analysis
Definition
A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration.
Term
stakeholders
Definition
Groups and individuals who affect and are affected by the achievement of the organization’s mission, goals, and strategies.
Term
strategic control system
Definition
A system designed to support managers in evaluating the organization’s progress regarding its strategy and, when discrepancies exist, taking corrective action.
Term
strategic goals
Definition
Major targets or end results relating to the organization’s long-term survival, value, and growth.
Term
strategic management
Definition
A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies.
Term
strategic planning
Definition
A set of procedures for making decisions about the organization’s long-term goals and strategies.
Term
strategic vision
Definition
The long-term direction and strategic intent of a company.
Term
strategy
Definition
A pattern of actions and resource allocations designed to achieve the organization’s goals.
Term
SWOT analysis
Definition
A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy.
Term
tactical planning
Definition
A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing.
Term
vertical integration
Definition
The acquisition or development of new businesses that produce parts or components of the organization’s product.
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