Chapter 7 Flashcards
operating objectives
specific results that organizations try to accomplish
competitive advantage
an ability to outperform rivals
crowdsourcing
strategic use of the internet to engage customers and potential customers in providing opinions and suggestions on products and their designs
vertical intergration
growth that occurs by acquiring suppliers or distributors
divestiture
selling off parts of the organization to refocus attention on core business areas
business strategy
identifies how a division or strategic business unit will compete in its product or service domain
functional strategy
a mgt strategy that guides activities within one specific area of operations
e-business strategy
a business approach that strategically uses the internet to gain competitive advantage
focused differentiation strategy
a bus approach that offers a unique product to a special market segment
co-opetition
the strategy of working w rivals on projects of mutual benefit
social media strategy
the use of social media to better engage w an organization’s customers, clients and external audiences in general
strategic mgt
the process of formulating and implementing strategies
concentration
expansion within an existing business area
growth strategy
a business approach that involves expansion og the organization’s current operations
downsizing
decreasing the size of operations
core competency
a special strength that gives an organization a competitive advantage
liquidation
when a business closes and sells its assets to pay creditors
bcg matrix
a mgt tool that analyzes business opportunities according to market growth rate and market share
mission
the organization’s reason for existing in society
b2b business strategy
a business approach that involves the use of IT and wen portals to link organizations vertically in supply chains
differentiation strategy
a business approach that offers products that are unique and different from those of the competition
strategic leadership
leadership that inspires ppl to implement organizational strategies
strategic alliances
a situation in which organizations join together in partnership to purse an area of mutual interest
strategy
a comprehensive plan guiding resource allocation to achieve long-term organization goals
strategy formulation
the process of creating strategies
diversification
expansion by entering related or new business areas
strategy implementation
the process of putting strategies into action
transnational firm
a business entity that tries to operate globally without having a strong national identity
cost leadership strategy
a business approach that seeks to operate w lower costs than competitors
chapter 11 bankruptcy
protects an insolvent firm from creditors during a period of reorganization to restore profitability
focused cost leadership strategy
a business approach that seeks the lowest costs of operations within a special market segment
corporate strategy
a mgt strategy that sets long-term direction for the total enterprise
restructuring
a business approach that reduces the scale or mix of operations
strategic control
a mgt technique that makes sure strategies are wll implemented and that poor strategies are scrapped or changed
sustainable competitive advantage
an organizational advantage that is achieved in ways that are difficult to imitate
retrenchment strategy
a business approach that changes operations to correct weaknesses
globalization strategy
a business approach that adopts standardized products and advertising for use worldwide
strategic intent
the focusing of organizational energies on achieving a compelling goal
b2c business strategy
a business approach that involves the use of IT and web portals to link businesses w customers
swot analysis
a mgt technique that examines organizational strengths and weaknesses as well as environmental opportunities and threats
