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chapter 6

chapter 6 - Term Definition define business plan a document...

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Term: define business plan Definition: a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success Term: define strategy Definition: a large-scale action plan that sets the direction for an organization Term: define strategic management Definition: a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals Term: what 3 things make strategic management and strategic planning important? Definition: provide direction and momentum, encourage new ideas, develop a sustainable competitive advantage Term: define strategic positioning Definition: attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company
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Term: What are the 5 steps of the strategic-management process? Definition: 1. establish the mission and the vision 2.establish the grand strategy with environmental scanning 3.formulate the strategic plans 4. carry out the strategic plans 5. maintain strategic control Term: define grand strategy Definition: after an assessment of current organizational performance, then explains how the organization's mission is to be accomplished. Term: what are the three common grand strategies? Definition: growth, stability, and defensive Term: define growth strategy Definition: a grand strategy that involves expansion- as in sales revenues, market share, number of employees, or number of customers (nonprofits, clients served)
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Term: define stability strategy Definition: a grand strategy that involves little or no significant change Term: define defensive strategy (or
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