Business Final Study:

Planning

The process of identifying and selecting an organization's objectives and deciding how the organization will achieve those objectives.

Strategy

A set of planned actions taken by managers to help a company meet its objectives.

Mission Statement

A written statement of why a company exists and what it plans to accomplish.

Value Chain Analysis

The process of dividing a company's activities into primary and support activities and identifying those that create value for customers.

Multinational Strategy

A strategy of adapting products and marketing strategies in each national market to suit local preferences.

Global Strategy

A strategy of offering the same products using the same marketing strategy in all national markets.

Growth Strategy

A strategy designed to increase the scale or scope of a corporation's operations.

Retrenchment Strategy

A strategy designed to reduce the scale or scope of a corporation's businesses.

Stability Strategy

A strategy designed to guard against change and maintain the status quo.

Organizational Structure

The way in which a company divides its activities among separate units and coordinates activities among those units.

Centralized Decision Making

Concentrates decision making at a high organizational level in one location.

Decentralized Decision Making

Disperses decisions to lower organizational levels, such as to international subsidiaries.

International Division Structure

An organizational structure that separates domestic from international business activities by creating a separate international division.

Global Product Structure

An organizational structure that divides worldwide operations according to a company's product areas.

Push Strategy

A promotional strategy designed to pressure distribution channel members to carry a product and promote it to final users.

Pull Strategy

A promotional strategy designed to create buyer demand that encourages distribution channel members to stock a company's product.

Human Resource Planning

The process of forecasting a company's human resource needs and its supply.

Cultural Training

Training provided to employees to help them understand and adapt to different cultures.

Total Quality Management (TQM)

Company-wide commitment to meet or exceed customer expectations through continuous quality improvement efforts.

ISO 9000

An international certification that companies obtain when they meet the highest quality standards in their industries.

Advance Payment

Export/import financing in which an importer pays an exporter for merchandise before it is shipped.

Letter of Credit

Export/import financing in which the importer's bank pledges to pay the exporter when the exporter fulfills the terms listed in the letter.

Lifecycle of a Product

The stages of a product from introduction to decline that affect marketing strategies.

Countertrade

Selling goods or services that are paid for, in whole or part, with other goods or services.

Market Power

The power firms gain in relationships with suppliers by becoming important customers.

Make-or-Buy Decision

The decision process regarding whether to produce a component internally or purchase it from another company.

Competitive Advantage

The attributes that allow an organization to outperform its competitors.

Market Segmentation

The process of dividing a target market into smaller, more defined categories.

Best Practices

The most efficient and effective ways to complete a task or project, often benchmarked against industry standards.

Business Model

The conceptual structure supporting the viability of a business, including its purpose, offerings, strategies, and infrastructure.

SWOT Analysis

A strategic planning tool used to identify the Strengths, Weaknesses, Opportunities, and Threats of an organization.

Value Proposition

The promise of value to be delivered to customers, highlighting the unique benefits of a product or service.

Risk Management

The identification, assessment, and prioritization of risks followed by coordinated efforts to minimize or control the probability of unfortunate events.

Key Performance Indicators (KPIs)

Quantifiable measures used to evaluate the success of an organization in achieving its objectives.

Corporate Social Responsibility (CSR)

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

Agile Methodology

An iterative approach to project management and software development that emphasizes flexibility and customer satisfaction.

Change Management

The process of guiding individuals, teams, and organizations to successfully adopt new methods and processes.

Market Research

The process of gathering, analyzing, and interpreting information about a market, including information about the target market.

Digital Transformation

The integration of digital technology into all areas of a business, resulting in fundamental changes to how businesses operate.

Stakeholder Analysis

The process of identifying and assessing the influence and importance of various stakeholders in an organization.

Business Continuity Plan

A strategy that outlines how an organization will continue its operations during and after a major disruption.

Project Management

The application of knowledge, skills, tools, and techniques to project activities to meet project requirements.

Change Initiative

A specific project or program designed to implement change within an organization.

Organizational Culture

The shared values, beliefs, and norms that influence the way employees think and behave in an organization.

Benchmarking

The process of comparing business processes and performance metrics to industry bests or best practices.

Customer Relationship Management (CRM)

A strategy for managing a company's interactions with current and potential customers.

Innovation Strategy

A plan to encourage the development of new ideas that can lead to new products or services.

Supply Chain Management

The management of the flow of goods and services, including all processes that transform raw materials into final products.

E-commerce

The buying and selling of goods and services over the internet.