Chapter 7: Strategy and Strategic Management Flashcards
Define strategy
a strategy is a comprehensive plan guiding resource allocation to achieve long-term organization goals
What is a comprehensive plan guiding resource allocation to achieve long-term organization goals?
strategy
Define strategic intent
Strategic intent focuses organizational energies on achieving a compelling goal
What focuses organizational energies on achieving a compelling goal?
strategic intent
Define competitive advantage
A competitive advantage is an ability to outperform rivals
What is an ability to outperform rivals?
competitive advantage
Define sustainable competitive advantage
A sustainable competitive advantage is achieved in ways that are difficult to imitate
What is achieved in ways that are difficult to imitate?
a sustainable competitive advantage
Define corporate strategy
A corporate strategy sets long-term direction for the total enterprise
What sets long-term direction for the total enterprise?
corporate strategy
Define business strategy
A business strategy identifies how a division or strategic business unit will compete in its product or service domain
What identifies how a division or strategic business unit will compete in its product or service domain?
a business strategy
Define functional strategy
A functional strategy guides activities within one specific area of operations
What guides activities within one specific area of operations?
functional strategy
Define growth strategy
A growth strategy involves expansion of the organization’s current operations
