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Management > Planning, Strategy, Competitive Advantage > Flashcards

Planning, Strategy, Competitive Advantage Flashcards

1
Q

Strategy

A

Cluster of decisions about what goals to pursue, actions to take, how to use resources to achieve goals

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2
Q

3 steps in planning

A

Determine mission and goals
Formulate strategy
Implement strategy

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3
Q

Mission statement

A

Broad declaration of organizations purpose

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4
Q

Why planning is important

A

Gives direction and purpose
Get managers participating in decisions
Coordinates managers of different functions
Controls managers

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5
Q

Corporate level plan

A

Top managements decisions pertaining to organizations, mission, overall strategy, and structure

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6
Q

Corporate level strategy

A

Plan that indicates in which industries and national markets an organization intends to compete

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7
Q

Business level plan

A

Divisional managers decisions pertaining to division’s long term goals, overall strategy, and structure

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8
Q

Business level strategy

A

Outlines specific methods of a division, business unit, or organization will use to compete effectively against rivals in industry

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9
Q

Functional level plan

A

Functional manager’s decisions pertaining to goals they propose to pursue to help division attain business level goals

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10
Q

Functional level strategy

A

Plan of action to improve ability of each of an organizations functions to perform its task-specific activities in ways that add value to an organizations goods and services

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11
Q

Time horizon

A

Intended duration of plan

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12
Q

Long term plan length

A

5 years or more

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13
Q

Intermediate term plan length

A

1-5 years

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14
Q

Short term plan length

A

Less than 1 year

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15
Q

Standing plans

A

Use in programmed decision situations
Policies
Rules
Standard operating procedure

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16
Q

Single use plans

A

Developed for one time non programmed issue
Programs
Project

17
Q

Strategic leadership

A

Ability of CEO and top managers to convey a compelling vision of what they want the organization to achieve to their subordinates

18
Q

Swot

A

Internal: strengths and weaknesses
External: opportunities and threats

19
Q

Five forces that shape strategy

A 
Threat of new entrants 
Bargaining power of suppliers 
Threat of substitute product/service 
Bargaining power of buyers 
Rivalry among existing competitors
20
Q

Low cost strategy

A

Drive organizations total costs down below total costs of rivals

21
Q

Focused low cost strategy

A

Serving only one segment of the overall market and trying to be the lowest cost organization serving that segment

22
Q

Differentiation

A

Distinguishing an organizations products from the products of competitors on dimensions such as product design, quality, or after sales service

23
Q

Focused differentiation strategy

A

Serving only one segment of the overall market and trying to be the most differentiated organization serving that segment

24
Q

Stuck in the middle

A

Attempting to simultaneously pursue both a low cost strategy and a differentiation strategy
Difficult to achieve low cost with added costs of differentiation

25
Q

Concentration on a single industry

A

Reinvesting a company’s profits to strengthen its competitive position in its current industry

26
Q

Vertical integration

A

Expanding a company’s operations either backwards into an industry that produces inputs for products or forward into an industry that uses, distributes, or sells its products

27
Q

Diversification

A

Expanding company’s business operations into new industry to produce new kinds of valuable goods or services

28
Q

Related diversification

A

Entering new business or industry to create a competitive advantage in one or more of an organizations existing divisions or businesses

29
Q

Unrelated diversification

A

Entering new industry or buying a company in a new industry that is not related in any way to an organizations current businesses or industries

30
Q

Global strategy

A

Selling the same standardized product and using the same basic marketing approach in each national market

31
Q

Multi domestic strategy

A

Customizing products and marketing strategies to specific national conditions
Helps gain local market share
Raises production costs

32
Q

Steps to implement plan

A

Allocate responsibility to appropriate individuals or groups
Draft detailed action plans that specify how a strategy is to be implemented
Establish timetable that include precise, measurable goals linked to attainment of action plan
Allocate resources to responsible parties
Hold specific parties responsible for attainment of corporate, divisional, and functional goals

33
Q

Planning

A

Identifying and selecting appropriate goals and courses of action for an organization

Management (8 decks)

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