Strategic Management and Business Analysis

Vocabulary flashcards covering the fundamentals of strategic management, types of business strategies, and organizational performance measures from the lecture notes.

Operating Performance

Quantitative measures of financial and market health.

Complacent

Being self-satisfied today at the expense of organizational health.

Values

Basic beliefs that govern an individual or organization.

Core Purpose

The organization's reason for being that may never be fully realized.

Mission Statement

A compelling goal characterized by feasibility, flexibility, stretch, and public commitment for the whole organization.

General Manager Roles

Includes assessing performance, setting direction, creating strategy, and implementing change.

Deliberate Strategy

A top-down approach based on vision and mission.

Emergent Strategy

A strategy based on unforeseen outcomes.

Incremental Strategy

Strategy that develops slowly over time.

Strategy (Peter Drucker)

A pattern of activity.

Strategy (Johnson, Scholes, Whittington)

The direction and scope of an organization over the long-term.

Corporate Level Strategy

A strategy level focused on the entity's overall objectives.

Business Level Strategy

A strategy level focused on competitive strategy.

Functional Level Strategy

A strategy level focused on day-to-day operations.

Strategic Management Elements

Consists of strategic position, strategic choice, and strategic into action.

Environment (Strategy Aspect)

The study of threats and opportunities.

Strategic Capability

The identification of strengths and weaknesses of an entity.

Expectation Purposes

The study of the purpose of the entity.

Penetration Strategy

Gaining market share by focusing on current products and markets or benefiting from market growth.

New Product Development Strategy

Employing new products for existing markets.

Market Development Strategy

Strategy focused on geographic expansion.

Value Proposition Statement (VP)

The fundamental benefit or benefits that an entity has chosen to offer in the marketplace.

Generic Strategies (Michael Porter)

The two primary strategies of low-cost and differentiation.

Low-cost Strategy

Endeavors to provide products and services at a lower cost than competitors to enable price competition.

Differentiation Strategy

Setting a product or service apart via service quality, features, or other unique attributes.

Core Activities

Aspects of strategy that have a fundamental impact on markets, operations, cost structure, capabilities, and flexibility.