Chapter 10 Flashcards Preview

Business Management BUS 310 > Chapter 10 > Flashcards

Flashcards in Chapter 10 Deck (14)
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1
Q

Strategy

A

A comprehensive plan guiding resource allocation to achieve long term organization goals

2
Q

Functional Strategy

A

guides activities within one specific area of operations

3
Q

Core Competency

A

A special strength that gives an organization a competitive advantage

4
Q

Strategic Leadership

A

Inspires people to continually change, refine, and improve strategies and their implementaion

5
Q

SWOT Analysis

A

Examines organizational strengths and weaknesses and environmental opportunities and threats

6
Q

BCG Matrix

A

Analyzes business opportunities according to market growth rate and market share

7
Q

Downsizing Strategy

A

Decrease size of operations

8
Q

Porter’s 3 Competitive Strategies

A

1) Differentiation Strategy
2) Cost Leadership Strategy
3) Focus Strategy

9
Q

Differentiation Strategy

A

Seeks competitive advantage through uniqueness

10
Q

Cost Leadership Strategy

A

Seeks competitive advantage by operating with lower costs than competitors

11
Q

Focus Strategy

A

Concentrates on special market segment

12
Q

Two Types of Focus Strategy

A

1) Focused Differentiation

2) Focused Cost Leadership

13
Q

Focused Differentiation

A

Offers a unique product to a special market segment

14
Q

Focused Cost Leadership

A

Seeks the lowest cost of operations within a special market segment