MGT 4090 Management Policy & Strategy Week 5

These flashcards cover key terms and concepts from the MGT 4090 Management Policy & Strategy lecture focusing on competitive advantage and the balanced scorecard.

Economic Value

The perceived worth of a product or service determined by its utility to the customer.

Balanced Scorecard

A strategic planning and management tool used to align business activities to the vision and strategy of the organization.

Triple Bottom Line

An accounting framework that incorporates three dimensions of performance: economic, social, and ecological.

Core Competencies

The unique strengths and abilities that give a firm a competitive advantage.

Corporate Social Responsibility (CSR)

A business model that helps a company be socially accountable to itself, its stakeholders, and the public.

Creating Shared Value (CSV)

A concept that encourages companies to find business opportunities in social problems and to create economic value in a way that also yields value for society.

Sustainable Strategy

A strategy focused on achieving long-term economic, social, and ecological sustainability.

Metrics for the Balanced Scorecard

Measurements used to assess a firm's performance in various areas including customers, value creation, core competencies, and shareholders.

One-for-one model

A business model where a company provides one product to a customer for each product sold, creating a tangible impact.

Performance Metrics

Standards of measurement that allow an organization to assess its effectiveness in achieving its goals.