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Strategic Positioning
The creation of a unique and valuable position that involves trade-offs in competing and creating fit among activities.
Levels of Strategy
Three levels: corporate, business, and functional.
Steps in Strategic Management Process
Five steps plus a feedback loop: 1) Establish mission, vision, values; 2) Current reality assessment; 3) Formulate strategies; 4) Strategy execution; 5) Strategic control.
SWOT Analysis
A tool for assessing current reality by evaluating organizational strengths, weaknesses, opportunities, and threats.
BCG Matrix
A tool for evaluating strategic business units based on market growth rate and relative market share.
Growth Strategy
A strategy focusing on increasing the company’s size and market share through expansion or acquisition.
Differentiation Strategy
A strategy that offers unique products or services that stand out from competitors.
Cost Leadership Strategy
Aiming to be the lowest cost producer in the industry to allow for competitive pricing.
Benchmarking
The process of comparing a company's performance with that of high-performing organizations.
Porter’s Five Competitive Forces
Factors that determine the competitive intensity and attractiveness of a market.
Current Reality Assessment
Step in the strategic management process that evaluates the organization's current standing.
Functional Level Strategy
Strategies that focus on specific departments or functions within a company.
Strategic Implementation
The process of putting strategic plans into effect.
Renewal Strategy
A strategy involving restructuring or revitalizing the organization to address declining performance.
Stability Strategy
A strategy aiming to maintain the current position of the organization without significant changes.
Differentiation Focus Strategy
Targeting a specific market segment with tailored products or services that provide unique value.
Forecasting
A tool that analyzes trends to predict future conditions important for strategic planning.
Performance Management
The process of ensuring that organizational goals are consistently being met in an effective and efficient manner.
Strategic Control
The process of monitoring and evaluating the effectiveness of strategies.
VRIO Framework
A tool for analyzing a firm's internal resources and capabilities to discover competitive advantages.
