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Related Flashcards
Related Topics
Cards In This Set
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Mission
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A statement of an organization's fundamental purpose.
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Strategic goal
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A goal set by and for top management of the organization
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Tactical goal
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A goal set by and for middle managers of the organization
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Operational goal
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A goal set by and for lower-level managers of the organization
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Strategic plan
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A general plan outlining decisions about resource allocation, priorities, and action steps necessary to reach strategic goals
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Tactical plan
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A plan aimed at achieving tactical goals and developed to implement parts of a strategic plan.
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Operational plan
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Focuses on carrying out tactical plans to achieve operational goals.
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Strategy
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A comprehensive plan for accomplishing an organization's goals.
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Strategic management
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A comprehensive and ongoing management process aimed at formulating and implementing effective strategies; a way of approaching business opportunities and challenges.
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Effective strategy
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A strategy that promotes a superior alignment between the organization and its environment and the achievement of strategic goals.
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Distinctive competence
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An organizational strength possessed by only a small number of competing firms.
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Scope
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When applied to strategy, it specifies the range of markets in which an organization will compete.
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Resource deployment
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How an organization distributes its resources across the areas in which it competes.
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Business-level strategy
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The set of strategic alternatives from which an organization chooses as it conducts business in a particular industry or market.
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Corporate-level strategy
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The set of strategic alternatives from which an organization chooses as it manages its operations simultaneously across several industries and several markets.
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