Term
| A model to help managers analyze their competitive environment that suggests the competitive environment can be assessed by analyzing the impact of and interactions among five major forces in the competitive or industry is called? |
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Definition
| Five Forces Model of Competition |
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Term
| Coca Cola used what kind of growth strategy when they purchased Minute Maid Orange Juice & Dasani Spring Waters? |
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Definition
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Term
| Diversification growth strategy can take several forms, but concentric (in related fields) is the most common. T or F? |
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Definition
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Term
| How long are functional strategies usually in effect for? |
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Definition
| Functional strategies are in effect for a relatively short period, often one year or less. |
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Term
| In unchanging or very slow, unchanging environments, what strategy is most likely used? |
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Definition
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Term
| Kellogg and McDonalds use what kind of strategies successfully to focus on extending the sales of their current products or services? |
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Definition
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Term
| One of the 3 most popular types of defensive or retrenchment strategies that is designed to revers a negative trend and get the organization back to profitability is called? |
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Definition
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Term
| One of the 3 most popular types of defensive or retrenchment strategies when the company tries to divest itself of a business or part of a business is called? |
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Definition
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Term
| One of the 3 most popular types of defensive or retrenchment strategies when the entire company is sold or dissolved is called what? |
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Definition
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Term
| Short range plans are generally derived from what kind of plan? |
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Definition
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Term
| Starbucks recent acquisition of Evolution Fresh (juice maker) is an example of what kind of growth strategy? |
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Definition
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Term
| The 3rd primary level of strategy narrower in scope than business strategies and deals with the activities of the different functional areas of the business-production, finance, marketing, human resources and are concerned with "how-to"? |
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Definition
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Term
| The most important result of a SWOT analysis is the ability to draw conclusions about the attractiveness of the organization's situation and the need for strategic action. T or F? |
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Definition
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Term
| These are examples of __what kinds of strategies? production, marketing, finance, and personnel |
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Definition
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Term
| What are a series of related steps or tasks expressed in chronological order for a specific purpose and emphasize details? |
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Definition
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Term
| What are broad, general guides to acttion that constrain or direct the attainment of objectives and do not tell the organization what to do, but establish the boundaries within which it must operation? |
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Definition
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Term
| What are examples of corporate strategies? |
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Definition
| growth, stability, defense, or combination |
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Term
| What are short-range planning that concentrates on the formulation of functional plans and are short range for example: production schedules and day-to-day plans? |
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Definition
| Operations or tactical planning |
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Term
| What are the 3 Levels of strategies? p. 158 |
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Definition
| Corporate, Business, Functional |
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Term
| What are the 3 major phases of strategic management process? |
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Definition
1) Formulating the strategic plan
2) implementing the strategic plan
3) continuously evaluating and updating the strategic plan |
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Term
| What are the 3 major phases of strategic management? FIE |
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Definition
(1) formulating
(2)implementing
(3)evaluating |
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Term
| What are the 4 organizational objectives that organizations fall into to: |
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Definition
PESS
(1) Profit oriented
(2) Employee needs and well-being
(3) service to customers
(4) social responsibility |
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Term
| What are the 4 other ways to classify objectives. |
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Definition
The 4 other classification of objectives.
(1) Primary-Proffit
(2) Secondary-departmental objectives
(3) individual-employees
(4)societal-local, nat'l, global community |
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Term
| What are the 5 forces in Five Forces Model of Competition? |
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Definition
(1) suppliers
(2) buyers
(3) competitive rivalry among firms currently in the industry
(4) product or service substitutes
(5) potential entrants into the industry |
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Term
| What are the statements outlining what the organization is trying to achieve and give the organization and its members direction and purpose? They can be long, intermediate, or short range in nature. |
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Definition
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Term
What are these 10 areas used for by organizations?
1) profitability
2) markets
3) productivity
4) product
5) financial resources
6) physical facilities
7) research and innovation
8) organization structure
9) Human resources
10) social responsibilities |
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Definition
| These areas are used for establishing objectives in most organizations. |
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Term
| What consists of everything outside the organization, specifically those that have an impact on the organization? |
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Definition
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Term
| What defines the basic purpose or purposes of the organization and usually includes a description of the organization's basic products and/or services and a definition of its markets and /or sources of revenue. It is actually the broadest and highest level of objectives. It is from this that all long-range and short-range objectives are derived. |
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Definition
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Term
| What do you call it when a written, documented plan is developed through an identifiable process? |
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Definition
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Term
| What does SMART stand for? |
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Definition
| Specific, Measurable, Achievable, Relevant, Time-based |
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Term
| What does SWOT stand for? |
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Definition
| An organization's Strengths, Weaknesses, Opportunities, and Threats |
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Term
| What factors need to be assessed and dealt with as part of the implementation process of a strategic plan? |
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Definition
| strategic history, existing structures, policies, and systems |
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Term
| What is SMART criteria used for? |
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Definition
| helpful guidelines for stating and writing objectives. |
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Term
| What is a disctinct business that has its own set of competitors and can be managed independently of other businesses within the organization? |
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Definition
| SBU Strategic Business Unit |
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Term
| What is a philosphy based on converting organizational objectives into personal objectives and is based on the belief that establishing personal objectives elicits employee commitment? |
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Definition
| Management by Objectives MBO |
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Term
| What is an analysis technique for evaluating an organization's internal strengths and weaknesses and its external opportunities and threats? |
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Definition
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Term
| What is one type of business strategy designed to produce and deliver the product or service for a lower cost than the competition and is usually attained through a combination of experience and efficiency? |
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Definition
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Term
| What is one type of business strategy that aims to make the product or service unique in its category in an attempt to gain the brand loyalty of customers? |
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Definition
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Term
| What is one type of business strategy where businesses focus on a narrow market segment? example: tall men's clothing store |
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Definition
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Term
| What is the 3rd phase of strategic management in which the implemented strategic plan is monitored, evaluated, and updated? |
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Definition
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Term
| What is the first phase of strategic management called in which the initial strategic plan is developed? |
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Definition
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Term
| What is the major advantage of using SWOT analysis? |
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Definition
| SWOT analysis provides a general overview of the organization's strategic situation. |
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Term
| What is the process of deciding which objectives to pursue during a future time period and what to do to achieve those objectives? |
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Definition
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Term
| What is the process of determining the long-run direction and performance of an organization by ensuring careful formulation, proper implementation, and continuous evaluation of plans and strategies? |
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Definition
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Term
| What is the second phase in strategic management in which the strategic plan is put into effect? |
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Definition
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Term
| What is the second primary level of strategy formulation which is sometimes called competitive strategies? |
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Definition
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Term
| What kind of planning covers a relatively long period, affects many parts of the organization, and includes the formulation of objectives and the selection of the means for attaining those objectives? |
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Definition
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Term
| What kind of planning is short range and concentrates on the formulation of functional strategies? |
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Definition
| operational or tactical planning |
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Term
| What kind of plans originate from the functional areas of an organization, such as production, marketing, finance, and personnel? |
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Definition
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Term
| What kind of strategies are used when the organization tries to expand in terms of sales, product line, number of employees, or similar measures? |
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Definition
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Term
| What kind of strategy focus on how to compete in a given business and is narrower in scope than a corporate strategy and generally applies to a single business unit? Most of these types of strategies can be classified as overall cost leadership, differentiation, or focus. |
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Definition
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Term
| What kind of strategy is it when a company moves into areas it previously served either as a supplier to or as a customer for its current products or services? Example: Budweiser making its own beer cans |
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Definition
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Term
| What kinds of business strategies focus on how to compete in a given business or industry? Provide examples |
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Definition
| Business strategies (overall cost leadership, differentiation, and focus) |
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Term
| What kinds of strategies are used when the organization is satisfied with its present course (follows the status quo)? |
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Definition
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Term
| What kinds of strategies deal with the activities of the different functional areas of business? |
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Definition
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Term
| What outlines the basic steps management must take to reach an objective or a set of objectives? |
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Definition
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Term
| What period of time do long-range plans generally cover? |
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Definition
| can span from 3-5 years with some as long as 20 |
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Term
| What period of time do short-range plans generally cover? |
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Definition
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Term
| What plans address the what-ifs of the manager's job? This type of planning is most needed in rapidly changing environments. |
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Definition
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Term
| What requires specific and definite actions to be taken or not to be taken in a given situation and unlike procedures, do not have to specify sequence and permit NO flexibility or deviation? |
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Definition
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Term
| What strategies address what business an organization will be in and what resources will be allocated among those businesses? |
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Definition
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Term
| What strategy is used when a company wants or needs to reduce its operations or used to reverse a negative trend or to overcome a crisis or problem? |
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Definition
| Defensive or retrenchment strategies |
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Term
| What type of planning is analogous to top-level, long-range planning? |
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Definition
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Term
| When Coca-cola divested its Columbia Picture division while at the same time expanding its soft drink and orange juice businesses it was using what kind of strategy? |
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Definition
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Term
Which major phase of strategic management deals with:
Identifying the mission
Identifying the past and present strategies
-Diagnosing the organization's past and present performance
-Setting objectives for the company's operation |
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Definition
| Formulation stage of strategic management |
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Term
| Which strategies are used when an organization simultaneously employs different strategies for different parts of the company? |
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Definition
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Term
| Which type of plans cover the time span between short-range and long-range plans and generally cover from 1-3 or 1-5 years and are generally derived from long-range plans? |
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Definition
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Term
| Who developed the Five Forces Model of Competition? |
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Definition
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Term
| corporate strategies are sometimes called what ___ because they are established at the highest level and involve a long-range time horizon. |
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Definition
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Term
| what are some examples of growth strategies? |
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Definition
concentration of current businesses
vertical integration
diversification |
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