Planning
Business Strategies
Strategic Management
Strategy
Areas for Establishing Goals
100
The systematic studying of an issue and the preparation of a written document to deal with the problem.
What is formal planning?
100
A strategy designed to produce and deliver a product or service for a lower cost than the competition.
What is overall cost leadership?
100
The application of the basic planning process at the highest levels of the company.
What is strategic management?
100
A technique that evaluates a company's internal strengths and weaknesses and its external opportunities and threats.
What is a SWOT analysis?
100
Reflects the company's position in its marketplace.
What are markets?
200
Short-range planning that focuses on forming ideas for dealing with specific functions in the company, such as the production of new products.
What is operational planning?
200
A strategy that strives to make the product or service unique.
What is differentiation?
200
Developing the grand- and business-level strategies to be used by the company.
What is formulating strategy?
200
A plan to keep the company operating at the same level that it has for several years.
What is a stability strategy?
200
Refers to the commitments of the firm regarding society and the environment.
What is social responsibility?
300
Long-range planning done by the highest management levels in the company.
What is strategic planning?
300
A strategy that directs marketing and sales towards a small segment of the market.
What is a focus strategy?
300
It outlines why a company exists, describes the company's basic products and/or services, and defines markets and sources of revenue.
What is a mission statement?
300
A plan to reverse negative trends in a company, such as losses in sales. Also called: retrenchment strategy.
What is defensive strategy?
300
Measures the efficiency of internal operations.
What is productivity?
400
Gives managers experience and knowledge in understanding the forces that affect a company's operations.
What is effective planning?
400
Plans that pertain to single departments or units within a company.
What are business strategies?
400
Concise statements that provide direction for employees and set standards for achieving the company's strategic plan.
What are goals?
400
Another name for these would be: corporate strategies.
What are grand strategies?
400
Describes objectives relating to changes in the cpmpany's structure and related activities.
What is organization structure?
500
They cover a three-to-five year period of time, but some cover as far as 20 years into the future.
What are long-range plans?
500
Short-range operational plans that support business strategies by emphasizing practical implementation.
What are functional strategies?
500
Plans developed when a company tries to expand sales, products, or number of employees.
What are growth strategies?
500
The movement of a company into a similar kind of business with new or different products or services.
What is diversification?
500
Measures the degree to which the company is reaching an acceptable level of profits.
What is profitability?
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