Flashcard Set Preview
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business plan&strategy&strategic mgmt
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1) doc that outlines a proposed firm's goals, the strategy for achieving them, and the standards...
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why strategic mgmt and planning are important
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1) provide direction/momentum2) encourage new ideas3) develop sustainable comp adv: get and...
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strategic positioning
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attempts to achieve sustainable comp adv by preserving what is distinctive about the companyperform...
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strategic mgmt process
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1. establish mission and vision2. establish grand strategy w/ environmental scanning3. formulate...
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grand strategy
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after assessing current org performance, this explains how the org's mission is to be accomplished-growth...
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strategy formulation
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process of choosing among different strategies and altering them to best fit the org's needs-porters...
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Strategy implementation
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putting the strategy into effect
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strategic control
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monitor the execution of strategy and make adjustments when needed
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environmental scanning
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careful monitoring of an org's internal and external environments to detect early signs of...
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SWOT analysis (situational analysis)
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strengths, weaknesses, opps, threatsprovides you with a realistic understanding of your org...
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internal: S/W
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strengths: skills and capabilities that give the org special competencies and comp advs in...
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External: O/T
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Opps: environmental factos that they may exploit for comp advthreats: environmental factors...
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forecast
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vision or projection of futre-trend analysis: hypothetical extension of a past series of events...
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Porter's 5 forces
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1) threat of new entrants2) bargaining power of suppliers3) bargaining power of buyers4) threat...
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porters 4 competitive strats
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broad targeted market: 1) cost-leadership2) differentiation: offer unique productsNarrow targeted...
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product life cycle
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1) introduction: product introduced2) growth: most profitable; demand and sales increase3)...
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single product vs diversification strats
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1) company sells only one product within its mkt-pro: focus-con: vulnerability2) op several...
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synergy:
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economic value of separate related businesses under one ownership and mgmt is greater together...
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competitive intelligence
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gaining info about competitors activities so you can anticipate their moves and act accordingly-public...
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execution
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using questioning, analysis, and flow through in order to mesh strategy with reality, align...
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core processes of business (3)
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1. people2. strategy3. ops
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