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| A document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success. |
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| a large-scale action plan that sets the direction for an organization. |
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| a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals |
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| The single most important strategist working today and maybe of all time. |
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| attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company |
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| a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals |
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| Five steps to strategic management process |
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| 1, Establish the mission and vision. 2, Establish the grand strategy with environmental scanning. 3, Formulate the strategic plans. 4, Carry out the strategic plans. 5, Maintain strategic control. |
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| After an assessment of current organizational performance, then explains how the organization's mission is to be accomplished. three common grand strategies are growth, stability, and defensive. |
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| Is a grand strategy that involves expansion--as in sales revenues, market share, number of employees, or number of customers or clients served(nonprofits) |
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| is a grand strategy that involves little or no significant change. |
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| Is a grand strategy that involves reduction in the organization's efforts. |
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| is the process of choosing among different strategies and altering them to best fit the organization's needs. |
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| Consists of monitoring the execution of strategy and making adjustments, if necessary. |
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| careful monitoring of an organization's internal and external environments to detect early signs of opportunities and treats that may influence the firm's plans |
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| is a vision or projection of the future |
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| is a hypothetical extension of a past series of events into the future. |
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| is the creation of alternative hypothetical but equally likely future conditions. |
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| Porter's Model for industry analysis |
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Definition
| are business-level strategies originate in five primary competitive forces in the firm's environment: 1, threats of new entrants. 2, Bargaining power of suppliers. 3, Bargaining power of buyers. 4, Threats of substitute products or services. 5, rivalry among competitors. |
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| Porter's four competitive Strategies |
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Definition
| 1, cost-leadership 2, Differentiation 3, Cost-focus 4, focused-differentiation |
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