Chapter 6.1 Flashcards
D: Strategy
Large-scale action plan that sets the direction for an organization.
What are the six parts to a business plan?
Team, Strategy, Product, Marketing, Idea, & Profit.
D: Strategic Management
Process that involves managers from across the organization for the formation, and implementation, of strategies and strategic goals.
Why is Strategig management important and strategic planning are important?
- Provide direction and momentum
- Encourage new ideas
- Develop a sustainable competitive advantage.
Wal-Mart is guided by the following credo: “Find out what customers want, then provide it to them as cheaply and quickly as possible.” This is Wal-Mart's: A. Mission B. Vision C. Strategy D. Forecast
C. Strategy
What are the four areas that pertain to Sustainable Competitive Advantage?
- Being responsive to costumers
- Innovation
- Quality
- Effectiveness
What is an effective stratagy?
- Strategy is the creation of the unique and valuable position
- Strategy requires trade-offs in competing
- Strategies involves creating a “fit” among activities.
D: Strategic Positioning
An attempt to achieve sustainable competitive advantage by preserving what is distinctive about a company.
What is the Strategic-Management Process?
- Establish the mission and vision
- Establish the grand star rare sight environmental scanning
- Formulate the strategic plan
- Carry out the strategic plans
- Maintain strategic cintrol
D: The Growth Strategy
Involves expansion in sales revenue, market share, number of employees, or number of customers.
D: The Stability Strategy
Involves little to no change
D: The Defensive Strategy
Reducing the organizations efforts (Ex- sell off part of its brand)
D: Strategy Formulation
Choosing among different strategies and altering them to best fit the organizations needs.
D: Strategic Controle
Monitoring the execution of the strategy and making adjustments as they are needed.
D: Strategy Implementation
Putting strategic plans into effect.
