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Strategic Planning (Parnell) - Chapter 1
Terms in this set (26)
The reason for an organization's existence. The mission statement is a broadly defined but enduring statement of purpose that identifies the scope of an organization's operations and its offerings to affected groups (i.e., stakeholders, as defined later in the book).
Top management's plans to attain outcomes consistent with the organization's mission and goals.
A situation whereby a business unit's successful strategies cannot be easily duplicated by its competitors.
The continuous process of determining the mission and goals of an organization within the context of its external environment and its internal strengths and weaknesses, formulating and implementing strategies, and exerting strategic control to ensure that the organization's strategies are successful in attaining its goals.
Analyze the opportunities and threats or constraints that exist in the organization's external environment, including industry and forces in the external environment.
Analyze the organization's strengths and weaknesses in its internal environment. Consider the context of managerial ethics and corporate social responsibility.
Formulate strategies that build and sustain competitive advantage by matching the organization's strengths and weaknesses with the environment's opportunities and threats.
Implement the strategies that have been developed.
Measure success and make corrections when the strategies are not producing the desired outcomes.
efficient market hypothesis
The idea that all individuals or firms in a market earn the same returns in the long run
The idea that a resource's value is determined by the individual or organization possessing it; not an objective measure that would be the same for all firms.
The economic mechanism by which a business hopes to sell its goods or services and generate a profit.
The original strategy top management plans and intends to implement.
The strategy that top management actually implements.
industrial organization (IO)
A view based in microeconomic theory that states that firm profitability is most closely associated with industry structure.
The perspective that views performance primarily as a function of a firm's ability to utilize its resources.
Unique resources, skills, and capabilities that enable a firm to distinguish itself from its competitors and create competitive advantage.
sustained competitive advantage
A firm's ability to enjoy strategic benefits over an extended period of time.
The view that the most profitable firms are likely to be the ones that develop the best fit with their environment.
The board of directors, institutional investors, and blockholders who monitor firm strategies to ensure managerial responsiveness.
Large shareholders who monitor firm strategies to ensure effective management.
Legislation passed in 2002 that created more-detailed reporting requirements for boards and executives in public U.S. companies and accounting firms.
A situation in which the CEO also serves as the chair of the board.
An investment fund open to only a small number of investors but permitted by regulators to undertake riskier and more speculative investments.
top management team
A team of top-level executives—headed by the CEO—all of whom play instrumental roles in the strategic management process.
The idea that certain products may be produced more cheaply or at a higher quality in particular countries, due to advantages in labor costs or technology.
The labor market in the hospitality industry today has
One method to prevent pilferage in a bar is to use
Which strategy for overcoming resistance to change is Kevin using when he agrees to let everyone leave three hours early on July 3rd, if they assume responsibility for keeping the warehouse clean and the inventory organized going forward?
You have just told your supervisor of your intention to resign from your job, and your supervisor asked you to submit it in writing. Your message should
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