Management CH 6 Loes

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Distinctive Competence

MidAmerican Energy Holdings Company has doubled its wind energy capacity by installing windmills and high-tech batteries to make it a "cleaner" utility company. In high-tech renewable energy, this company has a

The purpose of a strategy

Take advantage of what the organization does well, or hopes to do well.

Business Level Strategy

The area of responsibility usually assigned to the divisional-level managers

Product life cycle

The cycle of birth, growth, maturity, and decline of a product

portfolio analysis

a technique allowing for managers to visualize their businesses as a set or portfolio using certain common criteria, such as profitability or growth potential

Limited Resources

At even the largest and most affluent corporation, the strategic management process begins with

Contingency Plan

Alternate courses of action to be undertaken if certain organizational or environmental conditions change

Mission Statement

"Improving people's lives by providing gas and electric services in a sustainable way -- affordable, reliable and clean" is an example of

Focus

A business strategy in which the business concentrates on one part or segment of the market and tries to meet the demands of that segment

Mission Statement

A formal written declaration of the organization's mission that often includes the firm's philosophy, its primary products and markets, the intended geographic scope, and the nature of the relationships between the firm, its stakeholders, and society

Strategic Goals

Goals set by higher managers that deal with such general topics as the firm's growth, new markets, or new goods and services

Strength

In SWOT analysis, an ability or attribute that a company possesses that may give it a distinctive competence is called

Birth

The initial stage of the product life cycle when the product is introduced.

Decline

The product life cycle stage marked by decreases in the product's market share

Corporate Strategy

The scope and resource deployment components of strategy for the enterprise as a whole

Differentiation

What name is given to a business strategy in which the strategic business unit offers a unique good or service to a customer at a premium price?

SWOT analysis

What name is given to the evaluation of the organization's internal strengths and weaknesses and the opportunities and threats associated with the business's external environment

Goal

What name is given to the final result that a firm wishes to achieve

Maturity

What name is given to the product life cycle stage when the product's market share either slows or has no growth?

Cost leadership

What term describes a business-level strategy aimed at achieving the overall lowest cost structure in an industry

Distinctive Competence

What term describes what a firm does well relative to its competitors?

Focus

When a company produces a high-tech, expensive bicycle aimed at serious and affluent bike enthusiasts, it is using the business-level strategy called

Differentiation

When a firm offers a unique good or service to a customer at a premium price, it is following the business-level strategy of

Maturity

When a product has been on the market for many years, such as the automobile, and its growth is slow at best, what stage of the product life cycle is it said to be in?

Focus

You sell Gourmet Mushrooms (GMs) at $100 an ounce. You have a secret source of supply, jealously guarded. Your GMs are better than your competitors' mushrooms, and only the very wealthiest Americans buy them. You are using the business strategy called

Distinctive Competence

Your saltwater taffy, which you produce right next to the Pacific Ocean in Orchard Park, Oregon, has a national reputation. You sell all you can make, and people drive hundreds of miles to your shop to buy it. You have a

strategic business unit

a separate division within a company that has its own mission, goals, strategy and competitors

plan

a set of activities intended to achieve goals, whether for an entire organization, department, or an individual

dogs

businesses that have only minimal profits or even losses due to their low market share in slow growing markets

operational goals

short-term goals that are addressed to first-line managers and usually apply to specific work operations that lead to the production of goods or services

divestment

strategy of selling off businesses that the company no longer wishes to maintain, either because they are failing or because the company has changed its corporate strategy and does not wish to be in those businesses any longer

tactical goals

the intermediate goals of the firm, which are designed to stimulate actions necessary for achieving the strategic goals

growth

the product life cycle stage characterized by dramatic increases in the product's market share

question marks

those businesses that are viewed positively in the sense that they are located in attractive, fast-growing markets, but for which there is a question as to their ability to compete, given their low market share

stars

those businesses that have high market shares and operate in industries experiencing major growth

cash cows

those businesses that tend to generate excess cash over what is needed for their continued growth due to their high market share in a slow-growing market


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