Strategic management
Grand
and generic
Strategic analysis
Types of plans
SMART, SMART, SMART!
100
The description of the idealized future state of the organization
What is vision (or a vision statement)?
100
The grand strategy intended to drive sales and profits
What is a growth strategy?
100
Another name for a S.W.O.T. analysis
What is a situation analysis?
100
Plans made at this level address how to develop and maintain an advantage in the markets in which it competes.
What are business-level plans?
100
This component of a S.M.A.R.T. goal indicates how success can be quantified.
What is M (for measurable)?
200
The function of management reflected in the evaluation and control phase of the strategic management process
What is the controlling function?
200
The grand strategy that includes layoffs and divestiture
What is a retrenchment strategy?
200
An internal capacity that gives a firm a competitive advantage is termed this in a S.W.O.T. analysis
What is a "strength" (S)?
200
Plans made at this level address the services and activities needed to support achievement of corporate and business strategies.
What are functional-level plans?
200
This component of a S.M.A.R.T. goal reflects the fact that good goals are realistic, yet challenging.
What is A (for achievable or attainable)?
300
A clear articulation of the organization's line of business and basis for distinction (if any)
What is a mission statement (or, simply, mission)?
300
The generic strategy that focuses on offering unique goods to a broad market
What is a differentiation strategy?
300
New or expanding consumer demand for a company's goods or services is termed this in a S.W.O.T. analysis.
What is an "opportunity" (O)?
300
Policies and procedures are normally considered this type of plan.
What is a standing plan?
300
This component of a S.M.A.R.T. goal narrows the focus of the goal as much as possible.
What is S (for specific)?
400
The two functions of management reflected in the implementation phase of the strategic management process
What are organizing and leading?
400
The competitive strategy that depends on tightly controlling the costs of production
What is a cost leadership strategy?
400
In Porter's "Five Forces" model potential new competitors and substitute products represent this
What are threats?
400
A protocol to address the potential outbreak of a rare, mutant virus would most likely be this type of plan.
What is a single use plan?
400
This component of a S.M.A.R.T. goal indicates deadlines and milestones.
What is T (for timeline or time-bound)?
500
The process that establishes grand and generic strategies based on rigorous analysis and assessment of the organization's vision and mission
What is strategic planning?
500
A strategy that targets a market segment (niche) using either a cost leadership or differentiation approach
What is a focus strategy?
500
In Porter's "Five Forces" model, one needs to consider the bargaining power of ___ and ___.
What are suppliers and customers?
500
Plans to deal with multiple scenarios under volatile business conditions are called this.
What are contingency plans?
500
This component of a S.M.A.R.T. goal focuses attention on outcomes rather than the activities leading to those outcomes.
What is R (for results-oriented)?
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