The Nature of Strategic Management
Specific results that an organization seeks to achieve in pursuing its basic mission.
Objectives
The individuals and groups of individuals who have a claim on the company.
Stakeholders
Focuses on identifying and evaluating trends and events beyond the control of a single firm.
External Audit
A firm’s strengths that cannot be easily matched or imitated by competitors.
Distinctive Competencies
A reactive and detrimental approach where a manager creates or exacerbates crises to maintain control.
Managing by Crisis
The means by which long-term objectives will be achieved.
Strategies
A commonality of interests that can lift workers out of the monotony of daily work and put them into a new world of opportunity and challenge.
Shared Vision
What does AQCD stand for?
Actionable, Quantitative, Comparative, and Divisional
The process of defining, anticipating, creating, and fulfilling customers’ needs and wants. Hint: It provides value.
Marketing
Seeking increased market share for present products or services in present markets through greater marketing efforts.
Market Penetration
This addresses the basic question that faces all strategists: “What is our business?”
Mission Statement
A statement of purpose, a statement of philosophy, a statement of beliefs, a statement of business principles, or a statement “defining our business.”
Creed Statement
Forces impact strategic decisions on virtually all products, services, markets, and customers.
Social, Cultural, Demographic, and Environmental (SCDE)
Net Income / Total Stockholders' Equity
Return on Equity (ROE)
Gaining ownership or increased control over distributors or retailers.
Forward Integration
This answers the question “What do we want to become?”
Vision Statement
Who is often called “the father of modern management?”
Peter Drucker
The "Potential Entry of New Competitors" is who's Five Forces?
Michael Porter
The allocation and reallocation of capital and resources to projects, products, assets, and divisions of an organization.
Investment Decision (Capital Budgeting)
Value chains possess competitively valuable cross-business strategic fits.
Related Diversification
The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objec- tives.
Strategic Management
The foundation for priorities, strategies, plans, and work assignments.
Business Mission
A systematic and ethical process for gathering and analyzing information about the competition’s activities and general business trends to further a business’s own goals.
Competitive intelligence (CI)
The total margin available to cover operating expenses and yield a profit.
Gross Profit Margin
(Sales - Cost of Goods Sold (COGS)) / Sales
Selling all of a company’s assets, in parts, for their tangible worth.
Liquidation