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MGMT EXAM #2 > Chapter 6 Vocabulary > Flashcards

Chapter 6 Vocabulary Flashcards

1
Q

An ability to outperform rivals

A

Competitive advantage

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2
Q

Achieved in ways that are difficult to imitate

A

Sustainable competitive advantage

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3
Q

A comprehensive plan for allocating resources to achieve long-term organization goals

A

Strategy

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4
Q

A clear and lofty sense of why you exist

A

Mission

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5
Q

A clear and lofty sense of where you are going

A

Strategic intent

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6
Q

Sets long-term direction for the total enterprise

A

Corporate strategy

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7
Q

Identifies how a division or strategic business unit will compete in its product or service domain

A

Business strategy

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8
Q

Guides activities within one specific area of operations

A

Functional strategy

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9
Q

Involves expansion of the organization’s current operations

A

Growth strategy

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10
Q

Expansion within an existing business area

A

Concentration

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11
Q

Expansion by entering related or new business areas

A

Diversification

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12
Q

Occurs by acquiring suppliers or distributors

A

Vertical integration

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13
Q

Changes operations to correct weaknesses

A

Retrenchment strategy

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14
Q

Occurs when a business closes and sells its assets to pay creditors

A

Liquidation

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15
Q

Reduces the scale or mix of operations

A

Restructuring

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16
Q

Protects an insolvent firm from creditors during a period of reorganization to restore profitability

A

Chapter 11 bankruptcy

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17
Q

Decreases the size of operations

A

Downsizing

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18
Q

Involves selling off parts of the organization to refocus attention on core business areas

A

Divestiture

19
Q

Uses standardized products and advertising worldwide

A

Globalization strategy

20
Q

Customizes products and advertising to fit local markets

A

Multidomestic strategy

21
Q

Integrates global operations without having a strong national identity

A

Transnational strategy

22
Q

Organizations join together in partnership to pursue an area of mutual interest

A

Strategic alliance

23
Q

The strategy of working with rivals on projects of mutual benefit

A

Co-opetition

24
Q

Strategically uses the web and mobile apps to gain competitive advantage

A

E-business strategy

25
Q

Link businesses with customers

A

B2C business strategies

26
Q

Link businesses together within supply chains

A

B2B business strategies

27
Q

Link customers to businesses that can supply what they need

A

C2B business strategies

28
Q

Link customers together to make business transactions

A

C2C business strategies

29
Q

Link persons needing services with those willing to provide them

A

P2P business strategies

30
Q

Uses social media to better engage with an organization’s customers, clients and external audiences in general

A

Social media strategy

31
Q

Strategy uses the web to allow customers to provide opinions and suggestions on products and their designs

A

Crowdsourcing

32
Q

The process of formulating and implementing strategies

A

Strategic management

33
Q

The process of creating strategies to deliver competitive advantage

A

Strategy formulation

34
Q

The process of putting strategies into action

A

Strategy implementation

35
Q

Examines organizational strengths and weaknesses, as well as environmental opportunities and threats

A

SWOT Analysis

36
Q

A special strength that gives an organization a competitive advantage

A

Core competency

37
Q

Offers products that are unique and different from those of the competition

A

Differentiation strategy

38
Q

Seeks to operate with lower costs than competitors

A

Cost leadership strategy

39
Q

Offers a unique product to a special market segment

A

Focuses differentiation strategy

40
Q

Seeks the lowest costs of operations within a special market segment

A

Focused cost leadership strategy

41
Q

Analyzes business opportunities according to market growth rate and market share

A

BCG Matrix

42
Q

Inspires people to implement organizational strategies

A

Strategic leadership

43
Q

Makes sure strategies are well implemented and that poor strategies are scrapped or changed

A

Strategic control

MGMT EXAM #2 (7 decks)

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