Chapter 10 Flashcards Preview

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Flashcards in Chapter 10 Deck (14)
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1

Strategy

A comprehensive plan guiding resource allocation to achieve long term organization goals

2

Functional Strategy

guides activities within one specific area of operations

3

Core Competency

A special strength that gives an organization a competitive advantage

4

Strategic Leadership

Inspires people to continually change, refine, and improve strategies and their implementaion

5

SWOT Analysis

Examines organizational strengths and weaknesses and environmental opportunities and threats

6

BCG Matrix

Analyzes business opportunities according to market growth rate and market share

7

Downsizing Strategy

Decrease size of operations

8

Porter's 3 Competitive Strategies

1) Differentiation Strategy
2) Cost Leadership Strategy
3) Focus Strategy

9

Differentiation Strategy

Seeks competitive advantage through uniqueness

10

Cost Leadership Strategy

Seeks competitive advantage by operating with lower costs than competitors

11

Focus Strategy

Concentrates on special market segment

12

Two Types of Focus Strategy

1) Focused Differentiation
2) Focused Cost Leadership

13

Focused Differentiation

Offers a unique product to a special market segment

14

Focused Cost Leadership

Seeks the lowest cost of operations within a special market segment