Chapter 6 Review - Chapter 6 1 matching stage(p 168...

Info icon This preview shows pages 1–3. Sign up to view the full content.

Chapter 6 1. matching stage (p. 168) matching stage, focuses on generating feasible alternative strategies by aligning key external and internal factors. 2. strategy-formulation analytical framework (p. 168) Important strategy-formulation techniques can be integrated into a three-stage decision- making framework. The tools presented in this framework are applicable to all sizes and types of organizations and can help strategists identify, evaluate, and select strategies. 3. input stage (p. 168) Stage 1 of the formulation framework consists of the EFE Matrix, the IFE Matrix, and the Competitive Profile Matrix (CPM). Called the input stage, Stage 1 summarizes the basic input information needed to formulate strategies. 4. halo error 晕圈错误 (p. 168) halo error (the tendency to put too much weight on a single factor) 5. decision stage (p. 168) Stage 3, called the decision stage, involves a single technique, the Quantitative Strategic Planning Matrix (QSPM). 6. matching (p. 169) Strategy is sometimes defined as the match an organization makes between its internal resources and skills and the opportunities and risks created by its external factors. The matching stage of the strategy-formulation framework consists of five techniques that can be used in any sequence: the SWOT Matrix, the SPACE Matrix, the BCG Matrix, the IE Matrix, and the Grand Strategy Matrix 7. strengths-weaknesses opportunities-threats (SWOT) matrix (p. 169) The Strengths-Weaknesses-Opportunities-Threats (SWOT) Matrix is an important matching tool that helps managers develop four types of strategies: SO (strengths- opportunities) strategies, WO (weaknesses-opportunities) strategies, ST (strengths- threats) strategies, and WT (weaknesses-threats) strategies. 8. ST strategies (p. 170) Strengths-threats strategies use a firm’s strengths to avoid or reduce the impact of external threats. 9. SO strategies (p. 170) Strengths-opportunities strategies use a firm’s internal strengths to take advantage of external opportunities. 10. WO strategies (p. 170) Weaknesses-opportunities strategies aim at improving internal weaknesses by taking advantage of external opportunities. 11. WT strategies (p. 170)
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Weaknesses-threats strategies are defensive tactics directed at reducing internal weakness and avoiding external threats. 12. strategic position and action evaluation (space) matrix (p. 172) The Strategic Position and Action Evaluation (SPACE) Matrix, another important Stage 2 matching tool. Its four-quadrant framework indicates whether aggressive,
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Summer '16
  • Vincent
  • Management, BCG Matrix, EFE Matrix

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern