| Term | Definition |
|---|
| Strategy | Consists of the competitive moves and business approaches that managers are employing to grow the business, attract and please customers, compete successfully, conduct operations, and achieve the targeted levels of organizations performance. |
| Business Model | Core concept: explains the rationale for why its business approach and strategy will be a moneymaker. |
| Strategic Vision | describes the route a company intends to take in developing and strengthening its business. |
| Values | The beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and strategy. |
| Objectives | are an organization's performance targets- the results and outcomes management wants to achieve. |
| Corporate-level strategies | consists of the kinds of initiatives the company uses to establish business positions in different industries, the approaches corporate executives pursue to boost the combined performance of the set of businesses the company has diversified into, and the means of capturing cross-business synergies and turning them into competitive advantage. |
| Business-level strategies | concerns the actions and the approaches crafted to produce successful performance in specific line of business. |
| Functional strategies | concerns the actions, approaches, and practices to be employed in managing particular functions or business processes or key activities within a business. |
| Operational strategies | concern the relatively narrow strategic initiatives and approaches for managing key operating units and specific operating activities with strategic significance. |
| Strategic intent | when the company relentlessly pursues an ambitious strategic objective, concentrating the full force of its resources and competitive actions on achieving that objective. |
| Strategic plan | lays out the company's future direction, performance targets, and strategy. |
| Driving Forces | The major underlying causes of changing industry and competitive condition- they have the biggest influence on how the industry landscape will be altered. |
| Key success factors | the product attributes, competencies, competitive capabilities, and market achievements with the greatest impact on future competitive success in the suture marketplace. |
| Strategic group mapping | a technique for displaying the different market or competitive positions that rival firms occupy in the industry. |
| swot analysis | tool that sizes up a companies resource capabilities. |
| competence | an activity that a company has learned to do well. |
| core competence | a competitively important activity a company performs better than other activities. |
| distinctive competence | an activity that a company performs better than its rivals |
| value chain | reveals primary activities that create customer value |
| benchmarking | tool that reveals which companies are best at particular activities and uses their practices to improve your company. |
| strategic cost analysis | comparing a firms cost position relative to key competitors activity by activity. |
| activity based costing | is a costing model that identifies activities in an organization and assigns the cost of each activity resource to all products. |
| competitive strength assessment | tool used to rate the strengths of companies and pinpoint them against rivals. |
| competitive strategy | concerns that specifics of managements game plan for competing successfully and securing a competitive advantage over rivals. |
| broad low cost strategy | striving to achieve lower overall costs than rivals and appealing to a broad spectrum of customers, usually by underpricing rivals. |
| broad differentiation strategy | seeking to differentiate a companys product offering from rivals in ways that will appeal to a broad spectrum of buyers. |
| best cost strategy | giving customers more value for their money by incorporating good-to-excellent product attributes at a lower cost than rivals. goal is to have best price compared to products with similar attributes. |
| focused low cost strategy | concentrating on a narrow buyer segment and out competing rivals by having a lower cost. |
| focused differentiation strategy | concentrating on a narrow buyer segment and outcompeting rivals by offering niche members customized attributes that meet their tastes better than rivals. |
Combine with other sets
Share on Facebook
Share on MySpace
!