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16 Cards in this Set
- Front
- Back
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Business level strategy (competitive), (+ examples) (3)
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- plan for how a business will compete
- establish a competitive position among forces that determine industry competition - E.g.: cost leadership, differentiation, focus |
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Concentration strategy (3)
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- type of corporate level strategy that involves focusing on one product or product line
- positives: all strengths focused on one part of business - negatives: all eggs in one basket |
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Conceptual skills (3)
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- ability to think creatively and in the abstract
- diagnose and analyze different situations (understand whats going on) - allows managers to anticipate probable outcomes of decisions |
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contingency planning (2)
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- basically a back up plan in case of changing environment
- anticipate potential changes in business and prepare a plan to respond to set change |
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controlling
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- starts with establishing goals
- monitoring the progress towards those goals - making changes if necessary to meet the goals or maybe re-asses the goals |
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corporate culture
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- the shared stance and way of going about business of an organization
- shared beliefs, norms, experiences and ethical stances of busness |
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Corporate Level strategy (examples)
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- identifies business that the company will take part in, and how any business will relate to others within the company
- Examples: concentration, growth, integration, diversification |
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Cost leadership (2)
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- selling a product for the lowest price in the market
- competitive (business level) strategy |
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crisis management
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- an organizations set plans and methods in place to deal with emergencies
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decision-making skills (3 parts)
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- define the problems (gather facts and develop alternatives)
- Evaluate alternatives (select the best one) - implement (follow up and evaluate) |
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differentiation strategy (2)
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- business level strategy
- attempt to set the organization apart from other companies in the industry |
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diversification (3)
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- corporate level strategy
- avoids all eggs in one basket situation - broadens focus of company into a field that previously it was not involved with |
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environmental analysis (3)
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- analyzing the environment for threats and opportunities
- threats: corporate takeovers - opportunities: areas to grow |
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first-line managers (1)
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- managers responsible for supervising the work of employees
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functional strategies(1)
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- basic course of action that a part of the company will follow to achieve the larger goals
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geographic expansion
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- type of corporate level growth strategy
- expanding business into a new geographic area |
