chapter 3 Flashcards
Tactical goals
how to implement actions necessary to achieve the strategic goals
Strategic goals
broad, general issues
Operational goals
shorter-term issues associated with the tactical goals
effective strategies
alignment between the organization and its environment and the achievement of strategic goals
distinctive competence
An organizational strength possessed by only a small number of competing firms
resource deployment
How an organization distributes its resources across the areas in which it competes
Business-level strategy
alternatives an organization chooses as it conducts business in an industry (targeted/focused)
Corporate-level strategy
alternatives an organization chooses as it manages its operations simultaneously across several industries
SWOT
Strength, Weakness, Opportunity, Threat
Portfolio management techniques
Methods that diversified organizations use to determine which businesses to engage in
BCG Matrix: dogs
businesses that have a very small share of a market that is not expected to grow.
BCG Matrix: Cash cows
businesses that have a large share of a market that is not expected to grow substantially
BCG Matrix: Question marks
businesses that have only a small share of a fast-growing market.
BCG Matrix: Stars
businesses that have the largest share of a rapidly growing market
GE Business Screen (GE BS)
method of evaluating businesses along two dimensions: (1) industry attractiveness and (2) competitive position
GE BS: Winner
High attractiveness, good - medium competitive position
GE BS: Loser
low attractiveness, poor - medium competitive position
GE BS: question mark
high attractiveness, poor competitive position
GE BS: average business
medium attractiveness, medium competitive position
GE BS: profit producer
low attractiveness, good competitive position
tactical plan steps
- address a number of tactical goals
- specify resources and time frames
- use of human resources
tactical plan execution steps
- evaluate every possible course of action
- make sure that each decision-maker has the information/resources necessary
- Vertical and horizontal communication and integration of activities must be present
- monitor ongoing activities derived from the plan
program
A single-use plan for a large set of activities
project
A single-use plan of less scope and complexity than a program
standing plan
Developed for activities that recur regularly over a period of time
policy
A standing plan that specifies the organization’s general response to a designated problem or situation
Standard Operating Procedures
A standard plan that outlines the steps to be followed in particular circumstances
rules and regulations
Describe exactly how specific activities are to be carried out
