The Concept Of Strategy Flashcards
Strategy
The means by which individuals and organizations achieve their objectives
Strategic fit
The concistency of a firm’s strategy with its external and internal environment, goals, values, resources and capabilities
Activity system
Interconnected set of activities or processes that a firm undertakes to create value and achieve its strategic objectives
Contingency theory
Suggests that there in no single best way of organizing or managing
Tactic
Scheme for a specific action
Game theory
analyzes how decisions by multiple players impact outcomes in competitive or cooperative situations
Corporate planning
process of setting long-term goals and strategies to guide a company’s growth and resource allocation
Resource-based view of the firm
theory that a firm’s competitive advantage comes from its unique, valuable, and hard-to-imitate internal resources and capabilities
Bounded rationality
Cognitive limitations that constrain all human beings
Strategic intent
Long term goal that unifies an organization’s actions and decisions
Corporate strategy
Where to compete? Defines the scope of the firm in terms of industries and markets in which it competes
Business/competitive strategy
How to compete? Concerned with how the firm competes within a particular industry or market
Intended strategy
Conceived by the leader or top management team
Realized strategy
The actual strategy that is implemented
Emergent strategy
Decisions that emerge from the complex processes in which individual managers interpret the intended strategy and adapt to changing circumstances
