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Chapter 10 Review

Terms in this set (33)

business strategies
are plans that pertain to single departments or units within a company.
combination strategy
a plan that employs several different strategies at once.
corporate strategies
Provide overall direction for the company.
defensive/retrenchment strategy
a plan to reverse negative trends in a company, such as losses in sales.
Differentiation
A strategy that strives to make the product or service unique
Divestiture
when a company sells some part of its business
Evaluating strategy
the process of continuously monitoring the company's progress toward its long range goals and mission.
focus
the strategy that directs marketing and sales towards a small segment of the market.
Formal planning
is the systematic studying of an issue and the preparation of a written document to deal with the problem.
Formulating strategy
developing the grand- and business-level strategies used by the company.
Functional strategies
are short-range operational plans that support business strategies by emphasizing practical implementation.
Goals
are concise statements that provide direction for employees and set standards for achieving the company's strategic plan andmust be reevaluated as the environment and opportunities change
Grand or corporate strategies
provide overall direction for the company and deal with the most important aspects of the company's operations.
growth strategies
Plans developed when a company tries to expand sales, products, or number of employees are called
Implementing strategy
the action stage of strategic management.
Intermediate plan
covers the time span between short-range and long-range
Liquidation
when the entire company is sold or dissolved
Long-range
plans that cover a three-five year period of time yet could last up to 20 years
mission statement
outlines why the company exists.
Operational planning
short-range planning and it focuses on forming ideas for dealing with specific functions in the company, such as the production of new products.
overall cost leadership
strategy designed to produce and deliver a product or service for a lower cost than the competition.
Policies
are broad general guides to action that establish boundaries within which employees must operate.
Procedures
detailed series of related steps or tasks
Rules
detail specific corporate actions employees must follow
Short-range
plans cover a one-year period of time.
stability strategy
A plan to keep the company operating at the same level that it has for several years, andwill most likely slowly change work environments.
strategic management
are part of an organization's
strategic management
process, top management sets goals for the performance of the company, functions include: Formulation, implementation, and evaluation
Strategic management
the application of the basic planning process at the highest levels of the company.
Strategic planning
is long-range planning done by the highest management levels in the company, including the president vice president, and chief operating officer ,(CEO).
Strategy
is an outline of the basic steps management is going take to achieve a goal.
SWOT analysis
a technique that evaluates a company's internal strengths and weaknesses and its external opportunities and threats and is the most utilized process for determining a company's overall health
Turnaround
plan used to regain success
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