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Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
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Strategic Issue
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A change in the internal or external environment which will kill the organisation if not dealt with.
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Strategic Option
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Possible action which on its own or in combination with other options will deal with a strategic issue.
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Corporate Strategy
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Purpose of organisation and the plans/actions to achieve it
e.g. return on capital invested |
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Business Strategy
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Activities in the marketplace
Competitive advantage Market share is a measure of success |
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Functional Strategy
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Personnel - increase in wellness
Finance - decrease in debtMarketing - increase in product innocation |
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Strategic Decision
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Long-term
Magitude, time-scale and commitment Big chunk of resources Define firm's image Define future position in market |
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Vision
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Future standing of the firm , key values.
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Strategic Leadership
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Shape firm's decisions
Inspire and manage others in firm Deliver high value |
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Mission
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Outlines broad direction to go in future and reasoning/values behind it
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Objectives
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Makes mission more specificFocuses effortAssessing outcomes
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CSR
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Companies responsible for stakeholders as well as maximising profit
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Stakeholders
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Hold an interest in the businessCapable of affecting/being affected by the firm's performance of firm
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Corporate governance
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Stakeholders control the strategic direction of the organisation
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Industry
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A group of firms
producing similar outputs often using common raw materials and similar processes
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Market
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A group of goods or
services which satisfy similar needs when viewed from the perspective of the customer/client/consumer
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