Strategic Management Process Review

These flashcards cover key concepts related to strategic management and its fundamental elements.

Strategic Management

The process of defining an organization's strategy and direction, and making decisions on allocating resources to pursue this strategy.

Competitive Advantage

The advantage gained by an organization when it can provide the same value as competitors but at a lower price or provide greater value at the same price.

Sustainability

The ability of an organization to maintain its strategies and operations over the long term.

SWOT Analysis

A strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats related to business competition.

Environmental Analysis

The process of assessing external and internal environments to identify potential challenges and opportunities for the organization.

Corporate Strategy

The overall direction of an organization that encompasses major decisions on alliances, mergers, and resource allocation.

Business Strategy

The strategic decisions related to how a specific strategic business unit will approach its market to win customers.

Operational-Level Strategy

Strategies developed within various business functions to help achieve the goals of the corporate strategy.

Strategic Control and Evaluation

The ongoing process of assessing the effectiveness of strategies and making necessary adjustments.

Emergent Strategy

A strategy that develops over time and is influenced by the organization’s actions as well as changing circumstances.

Prescriptive Approach

A sequential strategy model that begins with organizational objectives and environmental analysis followed by strategy formulation.

Technological Diffusion

The rate at which new technologies are adopted and utilized by organizations.

Globalization

The process of increased economic interdependence among countries through trade and the exchange of goods and services.

Organizational Ethics

The standards of conduct that govern how an organization interacts with its stakeholders.

Stakeholders

Any individuals or groups that have an interest in the actions and performance of an organization.