Business & Management Terms: Situational Analysis, Goals, Plans, Strategic Planning, Quizzes of Introduction to Business Management

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Situational analysis-

a process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration TERM 2

Goal-

DEFINITION 2 a target or end that management desires to reach TERM 3

Plans-

DEFINITION 3 the actions or means managers intend to use to achieve organizational goals TERM 4

Scenario-

DEFINITION 4 a narrative that describes a particular set of future conditions TERM 5

Strategic planning-

DEFINITION 5 a set of procedures for making decisions about the organizations long-term goals and strategies

Strategic goals-

major targets or end results relating to the organizations long-term survival, value, and growth TERM 7

Strategy-

DEFINITION 7 a pattern of actions and resource allocations designed to achieve the organizations goals TERM 8

Tactical planning-

DEFINITION 8 a set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing TERM 9

Operational planning-

DEFINITION 9 the process of identifying the specific procedures and processes required at lower levels of the organization TERM 10

Strategic management-

DEFINITION 10 a process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies

Mission-

an organizations basic purpose and scope of operations TERM 12

Strategic vision-

DEFINITION 12 the long-term direction and strategic intent of a company TERM 13

Stakeholders-

DEFINITION 13 groups and individuals who affect and are affected by the achievement of the organizations missions, goals, and strategies TERM 14

Resources-

DEFINITION 14 inputs to a system that can enhance performance TERM 15

Core competence-

DEFINITION 15 a unique skill and/or knowledge an organization possesses that gives it an edge over competitors

SWOT analysis-

a comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy TERM 17

Corporate

strategy-

DEFINITION 17 the set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities TERM 18

Concentration-

DEFINITION 18 a strategy employed for an organization that operates a single business and competes in a single industry TERM 19

Vertical integration-

DEFINITION 19 the acquisition or development of new businesses that produce parts or components of the organizations product TERM 20

Concentric diversification-

DEFINITION 20 a strategy used to add new businesses that produce related products or are involved in related markets and activities

Conglomerate diversification-

a strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities TERM 22

Business

strategy-

DEFINITION 22 the major actions by which a business competes in a particular industry or market TERM 23

Low-cost

strategy-

DEFINITION 23 a strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product TERM 24

Differentiation

strategy-

DEFINITION 24 a strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions TERM 25

Functional strategies-

DEFINITION 25 strategies implemented by each functional are of the organization to support the organizations business strategy

Strategic control system-

a system designed to support managers in evaluating the organizations progress regarding its strategy and, when discrepancies exist, taking corrective action