Strategic plans Flashcards
1
Q
Strategic planning
A
- Created by upper management.
- Extensive long-range plans.
- Provides the overall direction of the company.
2
Q
Growth strategies
A
- Market Development
- Product Development
- Horizontal Integration
- Vertical Integration
- Conglomerate Integration
- Strategic Alliances
- E-businesses
3
Q
Market Development
A
- Adding new consumers to current markets.
- Discovering new markets to sell current products.
4
Q
Product Development
A
- Inventing new products.
- Modifying existing ones.
5
Q
Horizontal Integration
A
Expand company by buying or merging with other corporations in the same industry.
6
Q
Vertical Integration
A
Company buys its suppliers or distributors.
7
Q
Conglomerate Integration
A
Buy companies in entirely different industries.
8
Q
Strategic Alliances
A
Expand internationally by partnering with other companies in the other countries.
9
Q
E-businesses
A
Expand operations by using the Internet.
10
Q
Retrenchment Strategies
A
Making businesses survive by decreasing the size
Restructuring
- Downsizing
- Divestiture
11
Q
Restructuring
A
Change operations to achieve efficiencies and increase performance.
12
Q
Downsizing
A
- Decreasing the size of the company.
- Laying off workers to reduce costs.
13
Q
Divestiture
A
Selling off part of the company.
