Strategic Planning Flashcards
Business Strategy
The major actions by which a business competes in a particular industry or market.
Concentration
The major actions by which a business competes in a particular industry or market.
Concentric Diversification
A strategy used to add new businesses that produce related products or are involved in related markets and activities.
Conglomerate Diversification
A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities.
Core Capability
A unique skill and/or knowledge an organization possesses that gives it an edge over competitors.
Corporate Strategy
The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities.
differentiation strategy
A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions.
functional strategies
Strategies implemented by each functional area of the organization to support the organization’s business strategy.
goal
a target or end that management desires to reach
low-cost strategy
A strategy an organization uses to build competitive advantage by being efficient and offering a standard no-frills project.
mission
An organization’s basic purpose and scope of operations.
Not Invented Here syndrome (NIH)
A negative attitude toward knowledge (ideas, technologies) derived from an external source
operational planning
The process of identifying the specific procedures and processes required at lower levels of the organization.
Plans
The actions or means managers intend to use to achieve organizational goals.
Resources
Inputs to a system that can enhance performance.
Scenario
A narrative that describes a particular set of future conditions.
situational analysis
A process planners use to gather, interpret, and summarize all information relevant to the planning issue under consideration.
Stakeholders
Groups and individuals who affect and are affected by the achievement of the organization’s mission, goals, and strategies.
strategic control system
A system designed to support managers in evaluating the organization’s progress regarding its strategy and, when discrepancies exist, taking corrective action.
strategic goals
Major targets or end results relating to the organization’s long-term survival, value, and growth.
strategic management
A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies.
strategic planning
A set of procedures for making decisions about the organization’s long-term goals and strategies; see also planning.
strategic vision
The long-term direction and strategic intent of a company.
Strategy
A pattern of actions and resource allocations designed to achieve the organization’s goals.
SWOT Analysis
A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy.
tactical planning
A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing.
vertical integration
The acquisition or development of new businesses that produce parts or components of the organization’s product.
