chapter 2 and 5s Flashcards

1
Q

a plan that integrates an organization’s major goals, policies, and action sequences into a cohesive whole

A

strategy

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2
Q

the process of determining long-term goals, policies, and plans for an organization

A

strategic planning

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3
Q

plans for achieving organizational goals

A

strategies

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4
Q

where the organization is headed and what it intends to be

A

vision

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5
Q

the reason for existence for an organization

A

mission statement

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6
Q

– defines the culture an organization wants to create.

A

goals

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7
Q

provide detail and scope of mission

A

goals

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8
Q

: methods and actions taken to accomplish strategies

A

tactics

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9
Q

: defines the businesses in which the corporation will participate and develops plans for the acquisition and allocation of resources among those businesses
Businesses are often called Strategic Business Units (SBUs)

A

corporate strategy

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10
Q

defines the focus for the SBU and involves which markets to pursue and how best to compete in those markets

A

business strategy

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11
Q

the set of decisions that each functional area develops to support its particular business strategy
Operations, marketing, finance, R&D, engineering, etc

A

functional strategy

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12
Q

how an organization’s processes are designed and organized to produce the type of goods and services to support the business strategies

A

operations strategy

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13
Q

are narrow and short-term by comparison and act under the operation constraints set out by the strategic and tactical management decisions

A

operations decisions

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14
Q

primarily address how to efficiently manage capacity, inventory and schedules within the constraints of previously made strategic decisions

A

tactical decisions

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15
Q

are long-term decisions and concern the determination of broad policies and plans for using the resources of a company to best support its long-term competitive strategy

A

strategic decisions

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16
Q

a firm’s ability to achieve market and financial superiority over its competitors

A

competitive advantage

17
Q

: the strategic emphasis that a firm places on certain performance measures and operational capabilities

A

Competitive Priorities/Dimensions

18
Q

being able to make whatever goods and services the customer wants, at any volume, at any time for anybody, and for a global organization, from any place in the world

A

mass customization

19
Q

requirements that are expected in a good or service.

A

dissatisfiers

20
Q

requirements that customers say they want

A

satisfiers

21
Q

: new or innovative good/service features that customers do not expect

A

Exciters/delighters

22
Q

basic customer expectations (dissatisfiers and satisfiers) are generally considered the minimum performance level required to stay in business

A

order qualifiers

23
Q

– goods/service features and performance characteristics (satisfiers and exciters) that cause customers to choose those over of its competitors and to win the customer’s business
Can be considered to be a competitive advantages for the firm

A

order winners

24
Q

: quantifies the total revenue or profit each target market customer generates over the Buyers Life Cycle

A

Value of a Loyal Customer (VLC):

25
: individuals or companies that legally own one or more shares of stock in the company
shareholders
26
individuals or organizations who are influenced, either directly or indirectly, by the actions of the firm
stakeholders
27
being able to meet current needs without compromising the ability of future generations to meet their own needs
sustainability
28
managerial decision making that considers environmental, societal and financial impact
Corporate Social Responsibility (CSR):
29
pertains to fair and beneficial business practices toward labor, the community, and the region in which a firm conducts is business
“People” (Social Responsibility)
30
the firm’s impact on the environment
Planet” (Environmental Stewardship)
31
the firm’s obligation to compensate shareholders who provide capital via competitive returns on investment
Profit” (Economic Prosperity):