Strategic Direction and Decision Making in Business

Flashcards based on lecture notes about strategic direction in business, Ansoff's matrix, and financial decision making.

Strategic direction describes how a business plans to get where it wants to be in the __.

long term

__ is a decision making tool published in the Harvard Review in 1957.

Ansoff's Matrix

Trying to take a greater share of an existing market with an existing product is known as __.

Market Penetration

Extending existing products within existing markets is known as __.

Product Development

Finding or creating new markets for existing products is known as __.

Market Development

Creating new product lines or ranges for sale in new markets is known as __.

Diversification

Focusing attention on maintaining market share is known as __.

Consolidation

Selling off all or parts of the business is known as __.

Withdrawal

Market development involves the extension of a product into __.

new markets / areas

__ may undergo substantial modifications or additions to maintain a competitive position.

Product development

Moving into new but related markets or into new unrelated markets is known as __.

Diversification

Profits and efficiency gains are examples of __ of decision making.

Financial benefits

__ and increased market share are examples of non-financial benefits of decision making.

Productivity

Environmental impact and carbon emissions reduction are __ of decision making.

Public benefits