Exam 2 Study Guide

Exam 2 Study Guide - Exam 2 Study Guide Chapter 5...

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Exam 2 Study Guide Chapter 5 Competitive advantage- is the ability to do something so well that one outperforms competitors Sustainable competitive advantage- is the ability to outperform rivals in ways that are difficult to imitate Strategy- is a comprehensive plan guiding resource allocation to achieve long term organization goals Strategic intent- focuses and applies corporate energies on unifying and compelling a goal Corporate strategy- sets long term direction for the total enterprise Business strategy- identifies how a division or strategic business unit will compete in its product or service domain Functional strategy- guides activities within one specific area of operations Strategic management- is the process of formulating and implementing strategies Strategic analysis- is the process of analyzing the organization, the environment, and the organizations competitive position and current strategies Strategy formulation- is the process of crafting strategies to guide the allocation of resources Strategy implementation- is the process of putting strategies into action Mission- expresses the organizations reason for existence in society Stakeholders- are individuals and groups directly affected by the organization and its strategic accomplishments Strategic constituencies analysis- assesses interests of stakeholders and how well the organization is responding to them Core values- are broad beliefs about what is or is not appropriate behavior Organizational culture- is the predominant value system for the organization as a whole Operating objectives- are specific results that organizations try to accomplish
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SWOT analysis- examines organizational strengths and weaknesses and environmental opportunities and threats Core competency- is a special strength that gives an organization a competitive
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Exam 2 Study Guide - Exam 2 Study Guide Chapter 5...

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