Terminology and Concepts in Strategic Management, Quizzes of Education Planning And Management

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TERM 1 romantic view of leadership DEFINITION 1 situations in which the leader is the key force of determining the organizations success or lack thereof TERM 2 external view of leadership DEFINITION 2 situations in which external forces-where the leader has limited influence- determine the organizations success TERM 3 strategic management DEFINITION 3 the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages TERM 4 strategy DEFINITION 4 the ideas, decisions, and actions that enable a firm to succeed TERM 5 competitive advantage DEFINITION 5 a firms resources and capabilities that enable it to overcome competitive forces in its industry TERM 6 operational effectiveness DEFINITION 6 performing similar activities better than rivals TERM 7 The four key attributes to strategic management DEFINITION 7 1. is directed toward overall organizational goals and objectives 2. includes multiple stakeholders in decision making 3.requires incorporating both short term and long term perspectives 4.involves the recognition of tradeoffs between effectiveness and efficiency TERM 8 effectiveness DEFINITION 8 tailoring the actions to the needs of an organization rather than wasting effort, or doing the right thing TERM 9 efficiency DEFINITION 9 performing actions at a low cost relative to a benchmark or doing things right TERM 10 Ambidexterity DEFINITION 10 the challenge managers face if both aligning resources to take advantage of existing product markets as well as proactively exploring new opportunities TERM 21 There are three important mechanisms to ensure effective corporate governance: DEFINITION 21 an effective and engaged board of directors, shareholder activism, and proper managerial rewards and incentives TERM 22 zero sum DEFINITION 22 in this view, the role of management is to look upon the various stakeholders as competing for the organizations resources TERM 23 stakeholder symbiosis DEFINITION 23 recognizes that stakeholders are depended upon each other for their success and well-being TERM 24 crowd sourcing DEFINITION 24 practice wherein the internet is used to tap a broad range of individuals and groups to generate ideas and solve problems TERM 25 social responsibility DEFINITION 25 the expectation that businesses or individuals will strive to improve the overall welfare of society TERM 26 shared value DEFINITION 26 policies and operating practices that enhance the competitiveness of a company will simultaneously advancing the economic and social conditions in which it operates. TERM 27 triple bottom line DEFINITION 27 assessment of a firms financial, social and environmental performance TERM 28 In the strategic management process. There is a critical need for three types of leaders DEFINITION 28 Local Lines Leader,Executive leaders Internal networkers TERM 29 Local lines leaders- DEFINITION 29 have a significant profit and loss responsibility TERM 30 executive leaders DEFINITION 30 champion and guide ideas, create a learning infrastructure and establish a domain for taking action TERM 31 internal networkers DEFINITION 31 although they have little positional power and formal authority, generate their power through the conviction and clarity of their ideas TERM 32 Hierarchy of Goals DEFINITION 32 organizational goals ranging from, at the top, those that are less specific yet able to evoke powerful and compelling mental images, to, at the bottom, those that are more specific and measurable.Top: VisionMiddle: Mission StatementBottom:strategic objectives TERM 33 vision DEFINITION 33 organizational goal(s) that evoke(s) powerful and compelling mental images TERM 34 mission statement DEFINITION 34 a set of organizational goals that include both the purpose of the organization, its scope of operations, and the basis of its competitive advantage TERM 35 strategic objectives DEFINITION 35 a set of organizational goals that are used to operationalize the mission statement and that are specific and cover a well defined time frame TERM 46 Political/ legal segment of the general environment DEFINITION 46 how society create and exercises power, including rules, laws and taxation policies. TERM 47 Technological segment of the general environment DEFINITION 47 innovation and state of knowledge in industrial arts, engineering, applied sciences, and pure science; and their interaction with society with society TERM 48 Economic segment of the general environment DEFINITION 48 characteristics of the economy, including national income and monetary conditions TERM 49 Global segment of the general environment- DEFINITION 49 influences from foreign countries, including foreign market opportunities, foreign-based competition and expanded capital markets TERM 50 competitive environment DEFINITION 50 consists of many factors that are particularly relevant to a firms strategy. TERM 51 industry DEFINITION 51 a group of firms that produce similar goods or services TERM 52 Porters five forces model of industry competition- DEFINITION 52 a tool for examining the industry- level competitive environment, especially the ability of firms in that industry to set prices and minimize costs. TERM 53 what are the 5 forces in porters model DEFINITION 53 Threat of new entrants The bargaining power of buyers bargaining power of suppliers threat of substitiute products and services the intensity of rivalry among competitors in an industry TERM 54 threat of new entrants DEFINITION 54 possibility that the profits of established firms in the industry may be eroded by new competitors TERM 55 six major barriers to entry DEFINITION 55 1. Economies of scale 2.Product differentiation 3.Switching cost4.Capital requirements 5.Access to distribution channel6.Cost disadvantages independent of scale TERM 56 economies of scale DEFINITION 56 decreases in cost per unit as absolute output per period increases TERM 57 product diffrentiation DEFINITION 57 the degree that a product has strong brand loyalty or customer loyalty TERM 58 switching cost DEFINITION 58 one-time costs that a buyer/ supplier faces when switching from one supplier/ buyer to another. TERM 59 bargaining power of buyers DEFINITION 59 the threat that buyers may force down prices, bargain for higher quality or more services, and play competitors against each other TERM 60 A buyer group is powerful when: DEFINITION 60 1.It is concentrated or purchases large volumes relative to seller sales 2.The products it purchases from the industry are standard and undifferentiated 3. The buyer faces few switching costs 4.It earns low profits 5. The buyers pose a credible threat of backward integration 6. The industrys product is unimportant to the quality of the buyers product or services TERM 71 value chain analysis DEFINITION 71 a strategic analysis of an organization that uses value creating activities TERM 72 primary activities DEFINITION 72 sequential activities of the value chain that refer to the physical creation of the product or service, its sale and transfer to the buyer, and its service after sale, including inbound logistics, operations, outbound logistics, marketing and sales and service TERM 73 support activities DEFINITION 73 activities of value that either add value by themselves or add value through important relationships with both primary activities and other support activities; including procurement, technology, development, human resource management, and general administration TERM 74 value DEFINITION 74 the amount that buyers are willing to pay for what a firm provides them and is measured by total revenue, a reflection of the price of the firms product commands and the quantity it can sell. TERM 75 primary activities DEFINITION 75 inbound logisticsoperationsoutbound logisticsmarketing and salesservice TERM 76 support activities DEFINITION 76 general administrationhuman resource managementtechnology developmentprocurement TERM 77 inbound logistics DEFINITION 77 receiving, storing, and distributing inputs of a product TERM 78 operations DEFINITION 78 all activities associated with transforming inputs into the final product form TERM 79 outbound logistics DEFINITION 79 collecting, storing, and distributing the product or service to buyers TERM 80 marketing and sales DEFINITION 80 activities associated with purchases of products and services by end users and the inducements used to make purchases TERM 81 service DEFINITION 81 actions associated with providing service to enhance or maintain the value of the product TERM 82 procurement DEFINITION 82 the function of purchasing inputs used in the firms value chain, including raw materials, supplies, and other consumable items as well as assets such as machinery, laboratory equipment, office equipment, and buildings TERM 83 technology development DEFINITION 83 activities associated with the development of new knowledge that is applied to the firms operation TERM 84 human resource managment DEFINITION 84 activities in the recruiting, hiring, training, development, and compensation of all types of personnel TERM 85 general administration DEFINITION 85 general management, planning, finance, legal and government affairs, quality management, and information systems; activities that support the entire value chain and not individual activities