Vocab
Vocab(continued)
Fill in the blank
Open Ended Questions
Vocab (continued)
100
A plan to keep the company operating at the same level that it has for several years
Stability Strategy
100
The systematic studying of an issue and the preparation of a written document to deal with the problem.
Formal Planning
100
Plans developed when a company tries to expand sales, products, or number of employees are called _______
Growth Strategies
100
What are the two types of planning?
Operational and Strategic Planning
100
The strategy that directs marketing and sales towards a small segment of the market.
Focus
200
Provides overall direction for the company and deal with the most important aspects of the company's operations.
Grand or Corporate Strategies
200
Short range planning that focuses on forming ideas for dealing with specific functions in the company.
Operational Planning
200
_______ are plans that pertain to single departments or units within a company.
Business Strategies
200
What are the three phases of the Strategic Management Approach?
Formulation, Implementation, and Evaluation
200
Detailed series fo related steps or tasks.
Procedures
300
Concise statements that provide direction for employees and set standards for achieving the company's strategic plan.
Goals
300
A strategy that is designed to produce and deliver a product or service for a lower cost than the competition.
Overall Cost Leadership
300
A(n) ______ is a plan to reverse negative trends in a company such as losses in sales
retrenchment strategy
300
What are the three primary levels of strategies in a company?
Grand or Corporate, Business, and Functional
300
A strategy that strives to make a product or service unique.
Differentiation
400
The action stage of strategic management.
Implementing Strategy
400
Outlines why the company exists.
Mission Statement
400
______ is the process of continuously monitoring the company's progress towards its long range goals and mission
Evaluating Strategy
400
What are the three basic ranges, or time spans, for developing business plans?
Short-Range, Long-Range, and Intermediate
400
Broad general guides to action that establish boundaries within which employees must operate.
Policies
500
A plan that employs several different strategies at once.
Combination Strategy
500
long-range planning done by the highest management levels in the company, including the president, vice president, and chief operating officer.
Strategic Planning
500
_______ is a technique that evaluates a company's internal strengths and weaknesses and its external opportunities and threats.
SWOT Analysis
500
What are the three types of business strategies?
Overall Cost Leadership, Differentiation, and Focus
500
Detail specific and definite corporate actions that employees must follow.
Rules
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