Strategic Implementation (MIX) Flashcards
Strategy Implementation
Programs, Regulations, Budget
Strategy Implementation requires a firm to establish:
- Annual Objectives
- Devise Policies
- Motivate Employees
- Allocate Resources
Strategy Implementation includes:
- Developing a strategy-supportive culture
- Creating an effective organizational structure
- Redirecting marketing efforts
- Preparing budgets
- Developing and utilizing information systems
- Linking employee compensation to organizational performance
Represents the results expected from pursuing certain strategies.
Long-Term Objectives
Represents the actions to be taken to accomplish long-term objectives.
Strategies
Gaining ownership or increased control over distributors or retailers.
Forward Integration
Seeking ownership or increased control of a firm’s suppliers.
Backward Integration
Seeking ownership or increased control over competitors.
Horizontal Integration
Seeking increased market share for present products or services in present markets through greater marketing efforts.
Market Penetration
Introducing present products or services into new geographic areas.
Market Development
Seeking increased sales by improving present products or services or developing new ones.
Product Development
Adding new but related products or services.
Related Diversification
Adding new, unrelated products or services.
Unrelated Diversification
Regrouping through cost and asset reduction to reverse declining sales and profit.
Retrenchment
Selling a division or part of an organization.
Divestiture
Selling all of a company’s assets, in parts, for their tangible worth.
Liquidation
Strategies that stress cooperation among competitors are being used more. For collaboration between competitors to succeed, both firms must contribute something distinctive, such as technology, distribution, basic research, or manufacturing capacity.
Cooperation Among Competitors
It is a popular strategy that occurs when two or more companies form a temporary partnership or consortium for the purpose of capitalizing on some opportunity.
Joint Venture/Partnering
A ______ occurs when two organizations of about equal size unite to form one enterprise.
Merger
An ___________ occurs when a large organization purchases (acquires) a smaller firm, or vice versa.
Acquisition
It is the radical redesign of business processes to achieve major gains in cost, service, or time.
Reengineering
It is an analytical method for achieving near-perfect results on a production lie.
Six Sigma
It is an operational philosophy committed to
customer satisfaction and continuous improvement.It is committed to quality
and excellence and to being the best in all functions.
Total Quality Management (TQM)
It is a technique that encourages participative decision making through shared goal setting at all organizational levels and performance assessment, based on the achievement of stated objectives.
Management by Objectives (MBO)
