REVIEWER SET 1 Flashcards
It is a set of managerial decisions and actions
that determines the long run performance of a
corporation.
Strategic Management
is the monitoring, evaluating and disseminating of information from the external and internal environments to key people within the corporation.
Environmental Scanning
is the development of long range plans for the effective management of environmental opportunities and threats, in light of corporate strengths and weaknesses (SWOT)
Strategy Formulation
3 Types of Strategy
Corporate Strategy
Business Strategy
Functional Strategy
describes a company’s overall direction in terms of its general attitude toward growth & the management of its various businesses and product lines.
Corporate Strategy
occurs at the business unit or product level and it emphasizes improvement of the competitive
position of a corporation’s products or services in the specific industry served by that business unit.
Business Strategy
is the approach taken by a functional
area to achieve corporate and business unit objectives and strategies by maximizing resource productivity.
Functional Strategy
is a process by which strategies and policies are put into action through the development of programs, budgets and procedures.
Strategy Implementation
is a statement of activities or steps needed to
accomplish a single-use plan.
Programs
It is a detailed cost of each program.
Budget
are a system of sequential steps or techniques
that describe in detail how a particular task or job is to be
done.
Procedures
is a process in which corporate activities and performance results are monitored so that actual performance can be compared with desired performance.
Evaluation & Control
is a category of firms based on a common
strategic orientation and a combination of structure, culture & processes consistent with that strategy.
Strategic Types
companies with a limited product line that
focus on improving the efficiency of their existing
operations.
Defenders
are companies with fairly broad product
lines that focus on product innovation and market
opportunities
Prospectors
are corporations that operate in at least two different product-market areas.
Analyzers
are corporations that lack a consistent
strategy-structure-culture relationship.
Reactors
is the extension of present trends into the future.
Extrapolation
in which separated experts independently assess the likelihoods of specified events.
Delphi Technique
is a recent forecasting technique enabled by easy access to the internet.
Prediction Markets
scenarios are focused descriptions of
different likely future presented in a narrative fashion
Scenario Writing
An organization’s assets
Resources
Two Types of Resources
Tangible Assets
Intangible Assets
refer to a corporation’s ability to exploit its
resources.
Capabilities
