Ch.9 Management

ability to do something so well that one outperforms competitors

the ability to out perform rivals in ways that are difficult or costly to imitate

comprehensive plan to achieve long term organization goals

focuses and applies organizational energies on a unifying and compelling goal

directs the organization as a whole toward sustainable competitive advantage

for a single business unit or product line

guides the use of organizational resources to implement business strategy

the process of formulating and implementing strategies

assess the organization and its current strategies

develop new or revised strategies

using resources to put strategies into action and then evaluating results

organization's reason for its existence in society

examines organizational strengths and weaknesses and environmental opportunities and threats

having NO rival to compete w/for resources or customers

facing few competitors

facing several direct competitors

under U.S law protects a firm from creditors while management reorganizes to restore solvency

where a business closes and sells its assets to pay creditors

decreases the size of operations, often through reducing workforce

downsizing with a clear, strategic focus