Chapter 7: Strategy and Strategic Management Flashcards
Define strategy
a strategy is a comprehensive plan guiding resource allocation to achieve long-term organization goals
What is a comprehensive plan guiding resource allocation to achieve long-term organization goals?
strategy
Define strategic intent
Strategic intent focuses organizational energies on achieving a compelling goal
What focuses organizational energies on achieving a compelling goal?
strategic intent
Define competitive advantage
A competitive advantage is an ability to outperform rivals
What is an ability to outperform rivals?
competitive advantage
Define sustainable competitive advantage
A sustainable competitive advantage is achieved in ways that are difficult to imitate
What is achieved in ways that are difficult to imitate?
a sustainable competitive advantage
Define corporate strategy
A corporate strategy sets long-term direction for the total enterprise
What sets long-term direction for the total enterprise?
corporate strategy
Define business strategy
A business strategy identifies how a division or strategic business unit will compete in its product or service domain
What identifies how a division or strategic business unit will compete in its product or service domain?
a business strategy
Define functional strategy
A functional strategy guides activities within one specific area of operations
What guides activities within one specific area of operations?
functional strategy
Define growth strategy
A growth strategy involves expansion of the organization’s current operations
What involves expansion of the organization’s current operations?
growth strategy
Define growth through diversification
Growth through diversification means expansion by entering related or new business areas
What means expansion by entering related or new business areas?
growth through diversification
Define growth through vertical integration
growth through vertical integration occurs by acquiring suppliers or distributors
