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| refers to set of decisions and actions used to formulate and implement strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals. |
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| Plan of action that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage, and attaining goals. |
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| refers to what sets the organization apart from others and provides it with a distinctive edge in the marketplace. |
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| is something that the organization does particularly well in comparison to others. |
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| exists when the organization's parts interact to produce a joint effect that is greater than the sum of the parts acting alone. |
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| pertains the organization as a whole and the combination of business units and products that make it up. |
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| pertains to each business unit or product line within the organization. |
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| Functional-Level Strategy |
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| pertains to the major functional departments within each business unit, such as manufacturing, marketing, and research and development. |
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| stage of strategic management that includes the planning and decision making that lead to the establishment of the organization's goals and a specific strategic plan. |
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| an audit or careful examination of strengths, weaknesses, opportunities, and threats that affect an organization. |
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| stage of strategic management that involves the use of managerial and organizational tools to direct resources toward achieving strategic outcomes. |
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| pertains to the mix of strategic business units and product lines that fit together in a logical way to provide synergy and competitive advantage. |
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| Strategic Business Unit (SBU) |
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| division of the organization that has a unique business, mission, product or service line, competitors, and markets relative to other units of the same organization. |
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| concept developed by the Boston Consulting Group that evaluates SBUs with respect to two dimensions --Business Growth Rate and Market Share -- and classifies them as cash cows, stars, question marks, or dogs. |
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| Strategy of moving into new lines of business. |
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| moving into a new business that is related to the corporations existing business activities. |
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| Unrelated Diversification |
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| expanding into totally new lines of business. |
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| expanding into businesses that either provide the supplies needed to make products or distribute and sell the company's products. |
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| Strategy with whichn managers seek to distinguish the organizations products and services from those of others in the industry. |
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| strategy with which managers aggressively seek efficient facilities, cut costs, and use tight cost controls to be more efficient than others in the industry. |
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| Managers use either a differentiation or a cost leadership approach, but they concentrate on a specific regional market or buyer group. |
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| product design and advertising are standardized throughout the world. |
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| means that competition in each country is handled independently; product design and advertising are modified to suit the specific needs of individual countries. |
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| strategy that combines global coordination to attain efficiency with local flexibility to meet needs in different countries. |
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