Term
Define: Strategic Management
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Definition
| Managerial decisions which determine long run performance |
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Term
| Define: Economic Sustainability |
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Definition
| Business practice used to ensure long run profitability |
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Term
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Definition
| internationalization of markets or corporations |
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Term
| Define: Environmental Scanning |
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Definition
| Monitoring and evaluating the internal and external environment from within the corporation |
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Term
| Define: Corporate Governance |
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Definition
| The relationship between Board of Directors, Top Management, and Shareholders as to the direction of the corporation. |
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Term
| Define: Stewardship Theory |
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Definition
| executives tend to be more motivated to act in the best interest of the corporation |
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Term
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Definition
| A group that holds an interest in the business |
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Term
| Define: Utilitarian Approach |
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Definition
The idea that actions should be judged by their consequences.
"The greatest amount of good for the largest amount of people" |
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Term
| Define: Social Responisbility |
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Definition
| The theory that businesses have a responsibility to society and their stakeholders other than just making a profit. |
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Term
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Definition
| An obstruction that makes it difficult for businesses to enter a market/industry |
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Term
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Definition
Multinational Corporation
A corporation that has many assets or interests in several countries |
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Term
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Definition
| Consensually accepted standards of behavior for businesses |
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Term
| Define: Core Competencies |
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Definition
| Collection of competencies that span multiple divisions, at which the company is very good. |
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Term
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Definition
Values
Rareness
Imitability
Organization
Evaulation of key resources |
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Term
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Definition
| The act of collaborating with other corporations in an attempt to reduce output and increase profits to get around regulations. External collusion is illegal. |
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Term
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Definition
| A niche that is so well suited to a corporation that it makes it difficult for competition to challenge it. |
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Term
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Definition
Strategic Factors Analysis Summary
A table that summarizes EFAS and IFAS in a strategic manner. |
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Term
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Definition
Same as a SWOT analysis
Matching external and internal to get strategic alternatives.
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Term
List:
2 Elements of Environmental Scanning |
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Definition
Strategic
Formulation
&
Implementation
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Term
List:
4 Elements of a SWOT Analysis |
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Definition
Internal: Strengths and Weaknesses
External: Threats and Opportunities |
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Term
List:
2 Elements of an Internal Scan |
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Definition
Strengths and Weaknesses
(Structure, Culture, Resources) |
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Term
List:
Hierarchy of Strategic Elements (3) |
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Definition
Corporate Strategy
Business Strategy
Functional Strategy |
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Term
List:
Board of Director Responsibilities
(3) |
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Definition
Setting mission/vision
Hiring/firing CEO
Approving use of resources |
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Term
List:
Carroll's 4 Business Responisbilities |
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Definition
Economic
Legal
Ethical
Discretionary |
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Term
List:
Potential Barriers to Entry (3) |
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Definition
Capital requirements
Switching costs
Economies of scale |
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Term
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Definition
Defenders
Prospectors
Analyzers
Reactors |
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Term
List:
Offensive Business Tactics (3) |
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Definition
Frontal Assault
Flanking Maneuver
Bypass Attack |
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Term
List:
Defensive Business Tactics (2) |
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Definition
Raising retaliation
Increase structural barriers |
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