Chapter 5 Concepts and Context of Business Strategy Flashcards
Usually the first quantification of a business mission statement They are a general statement of desired outcomes, directly supportive of and aligned with the mission.
Goals
Contextual definition of what the organization is and what it expects to accomplish
Mission
Specific measurable expressions of the stated goals, with specific targets and time periods.
Objectives
The plan by which measurable objectives will be obtained
Strategy
Implementation of the strategic plan
tactics
Describe the strategy management process
- Set goals and objectives
- Analysis of current situation
- SWOT
- Strategy design and choice of best strategy
- Implementation plan design
- Strategy implementation
- Monitoring of environment and performance results
- Analysis of variance and desired performance results
- Adjustments based on analysis of variance
involves determining what actions need to be completed to accomplish a strategy
implementation plan design
___ between the business strategy and business environment mean that the organization pursues purposes and take actions that are consistent with the needs, perceptions, and behaviors of other actors within the environment
Fit
Company’s skills, capabilities, and knowledge assets that are necessary to compete in markets. They may be competencies that the company crrently has or ones that will need to be obtained.
Core Competencies
A configuration of the elements of a business, how they work together, and how they produce profits
Business model
The vision of the future that gives the organization direction and a plan to have a role in the future
strategic intent
Creates the strategic architecture that will guide the organization over the next five to ten years
Corporate strategy
Strategy at the next level down from corporate level strategy
Business unit strategy
A business, department, organization, or possibly even a product line within the larger organization that has separate goals and objectives
Strategic business unit
Collection of strategic business units that sevre various needs in the corporate structure
Business portfolio
This tool is similar to the growth share matrix but is more sophisticated and is used to manage a firm’s business portfolio
Market Attractiveness-Business strength matrix
Quantifies the goals of the organization into specific performance targets
Balanced Scorecard
What are the four core areas of the balanced score card?
Financial performance perspective
Customer perspective
Internal business perspective
Stakeholder value perspective
Adopting an ___ culture helps the company adapt to environental changes
Entrepreneurial
What is derived from an organization’s vision?
Its mission and broad goals
Changing the rules of the market is the ultimate way for a company to act entrepreneurially: T or F
T
What hings on developing a portfolio of core competencies?
winning strategies
The ___ concept provides a model for businesses to rapidly forge new offerings through a combination of both internal and external resources
Value network
____ is required to cope with certain contingencies, such as natural disasters, manmade disasters, and terrorism
Flexibiity
What is the key to pursuing market ownership?
The portfolio of strategic competencies
