Unit 3: Strategic Management Key Terms

Vocabulary practice flashcards covering key strategic management terms, concepts, and definitions from Unit 3.

strategy

The way in which a business, government, or other organization carefully plans its actions over a period of time to improve its position and achieve what it wants.

strategic

Relating to the identification of long-term or overall aims and interests and the means of achieving them; carefully designed or planned to serve a particular purpose or advantage.

environmental scanning

A process that systematically surveys and interprets relevant data to identify external opportunities and threats that could influence future decisions.

core competence

A skill that is necessary to be able to do a particular activity or job; something that a company does very well and that makes it better than other companies.

evaluate

To judge or calculate the quality, importance, amount, or value of something.

objective

Something that you plan to do or achieve.

risk

The possibility of something bad happening; something bad that might happen.

analysis

The act of analysing something.

SWOT

Abbreviation for strengths, weaknesses, opportunities, threats; a way of considering all the good and bad features of a business situation or company; a method for examining an organization, product, etc. and how it can develop.

competitive advantage

Conditions that make a business more successful than the businesses it is competing with, or a particular thing that makes it more successful.

status quo

A latin phrase meaning the existing state of affairs, particularly with regard to social, political, religious, scientific or military issues.

mission

An important official job that a person or group of people is given to do.

essence

The intrinsic nature or indispensable quality of something, especially something abstract, that determines its character.

outperform

Accomplish something in a better or more impressive way than someone else.

competitive advantage (firm resources)

A firm’s resources and capabilities that allow it to overcome the competitive forces in its industries.

strategy (firm perspective)

Ideas, decisions, and actions that enable a firm to succeed.

operational effectiveness

Perform similar activities better than rivals.

outsourcing

A situation in which a company employs another organization to do some of its work, rather than using its own employees to do it.

custodian

Someone who is responsible for looking after something important or valuable.

benchmark

A standard for measuring or judging other things of the same type.

testing

The practice of a skill.

execute

The carrying out or putting into effect of a plan, order, or course of action.

dispense

Distribute or spread over a wide area.

affirm

Clearly shown.

resilience

The ability to withstand or recover quickly from a difficult situation.

non-negotiable

Not open to discussion or reconsideration.

periodic

Appear or occur at intervals.

human-made

Something that requires one or more humans performing tasks.

scenario

A description of how things might happen in the future.

overwhelmed

To be given too much.

Performance metrics

Figures and data representative of an organization's actions, abilities, and overall quality.

Resources

The most important things that make up a business and work together to achieve something of value.

SWOT analysis

A framework used to evaluate a company's competitive position and to develop strategic planning.

Short-term goals

A target you want to achieve in 12 months or less.

Allocate

Distribute (resources or duties) for a particular purpose.

Execution

The act of doing or performing something.

Stakeholders

A person, group or organization with a vested interest, or stake, in the decision-making and activities of a business.

Buy-in

Acceptance of and willingness to actively support and participate in something.

Articulate

Express their thoughts and ideas easily and well.

Codify

Arrange something, such as laws or rules, into a system.