mgmt test #2 Section #3

a set of procedures for making decisions about the organization's long term survival

major targets or end results relating to the organization's long-term survival, value, or growth

a pattern of actions and resources allocations designed to achieve the organization's goals

establishment of mission, vision, goals

organizations basic purpose and scope of operations

the strategic vision describes the long-term direction and strategic intent of the company

analysis of external opportunities and threats (accurate evaluation of the competitive environment and macroenvironment)

groups and individuals who affect and affected by the achievement of the organization's mission, vision, goals and strategies

analysis of internal strengths and weaknesses (core competence- unique skill and/or knowledge over competitors, and benchmarking)

• valuable
• rare
• difficult to imitate
• organize

SWOT analysis (also look at corporate strategy, business strategy, BCG matrix)

identifies a set of businesses, markets or industries in which an organization competes and the distribution of resources among those entities

• concentration
• vertical integration
• concentric diversification
• conglomerate diversification

strategy employed for an organization that operates a single business and competes in a single industry

acquisition or development of new businesses that produce parts or components of the organization's products

strategy used to add new businesses that product related products or are involved in related markets and activities

strategy used to add new businesses that product unrelated products or are involved in unrelated markets and activities

• stars (high growth/strong competition)
• question marks (high growth, weak competition)
• Cash Cows (low growth, strong competition, funds other things)
• Dogs (low growth, weak competition)

• describes the major actions by which a business competes in a particular market
• 3 types: low-cost strategy, differentiation strategy, functional strategy

implementation- define strategic risk, organization capabilities, develop agenda, create a plan

strategic control (system designed to support managers in evaluating the organization's progress regarding its strategy and when problems exists correcting them)

system of rules that governs the ordering of values, beliefs about what is right and what is wrong, good or bad, tells us what we ought to do- moral principals/values

situation, problem, or opportunity in which an individual must choose among several actions that must be evaluated as morally right or wrong

moral principals and standards that guide behavior in the business world