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MGT 3120 > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

operating objectives

A

specific results that organizations try to accomplish

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2
Q

competitive advantage

A

an ability to outperform rivals

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3
Q

crowdsourcing

A

strategic use of the internet to engage customers and potential customers in providing opinions and suggestions on products and their designs

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4
Q

vertical intergration

A

growth that occurs by acquiring suppliers or distributors

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5
Q

divestiture

A

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

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6
Q

business strategy

A

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

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7
Q

functional strategy

A

a mgt strategy that guides activities within one specific area of operations

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8
Q

e-business strategy

A

a business approach that strategically uses the internet to gain competitive advantage

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9
Q

focused differentiation strategy

A

a bus approach that offers a unique product to a special market segment

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10
Q

co-opetition

A

the strategy of working w rivals on projects of mutual benefit

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11
Q

social media strategy

A

the use of social media to better engage w an organization’s customers, clients and external audiences in general

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12
Q

strategic mgt

A

the process of formulating and implementing strategies

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13
Q

concentration

A

expansion within an existing business area

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14
Q

growth strategy

A

a business approach that involves expansion og the organization’s current operations

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15
Q

downsizing

A

decreasing the size of operations

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16
Q

core competency

A

a special strength that gives an organization a competitive advantage

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17
Q

liquidation

A

when a business closes and sells its assets to pay creditors

18
Q

bcg matrix

A

a mgt tool that analyzes business opportunities according to market growth rate and market share

19
Q

mission

A

the organization’s reason for existing in society

20
Q

b2b business strategy

A

a business approach that involves the use of IT and wen portals to link organizations vertically in supply chains

21
Q

differentiation strategy

A

a business approach that offers products that are unique and different from those of the competition

22
Q

strategic leadership

A

leadership that inspires ppl to implement organizational strategies

23
Q

strategic alliances

A

a situation in which organizations join together in partnership to purse an area of mutual interest

24
Q

strategy

A

a comprehensive plan guiding resource allocation to achieve long-term organization goals

25
Q

strategy formulation

A

the process of creating strategies

26
Q

diversification

A

expansion by entering related or new business areas

27
Q

strategy implementation

A

the process of putting strategies into action

28
Q

transnational firm

A

a business entity that tries to operate globally without having a strong national identity

29
Q

cost leadership strategy

A

a business approach that seeks to operate w lower costs than competitors

30
Q

chapter 11 bankruptcy

A

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

31
Q

focused cost leadership strategy

A

a business approach that seeks the lowest costs of operations within a special market segment

32
Q

corporate strategy

A

a mgt strategy that sets long-term direction for the total enterprise

33
Q

restructuring

A

a business approach that reduces the scale or mix of operations

34
Q

strategic control

A

a mgt technique that makes sure strategies are wll implemented and that poor strategies are scrapped or changed

35
Q

sustainable competitive advantage

A

an organizational advantage that is achieved in ways that are difficult to imitate

36
Q

retrenchment strategy

A

a business approach that changes operations to correct weaknesses

37
Q

globalization strategy

A

a business approach that adopts standardized products and advertising for use worldwide

38
Q

strategic intent

A

the focusing of organizational energies on achieving a compelling goal

39
Q

b2c business strategy

A

a business approach that involves the use of IT and web portals to link businesses w customers

40
Q

swot analysis

A

a mgt technique that examines organizational strengths and weaknesses as well as environmental opportunities and threats

MGT 3120 (18 decks)

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