General/Midterm Flashcards
(11 cards)
Mission
Activities a firm performs for its customers
Vision
Concept of what firm wants to achieve and how it will do so
Mission statement
Statement that defines firm’s reason for existence
Objectives
Quantifiable milestones/benchmarks to assess firm’s progress
Strategy formulation
Process of identifying how firm can beat align resources to carve out defensible position in marketplace
Porter’s 5-Forces
Threat of New Entrants, bargaining power of suppliers, threat of substitutes, bargaining power of consumers, how they lead to rivalry among existing competitors
When to use avoidance
When issue is trivial or when a delay will help both sides get info and calm down
When to accommodate conflict
When an issue is more important to the other party, when a person seeks to build some social capital for the future, or when it is important to preserve friendly relationships
When to compromise in conflict
When goals of both sides are equally important or when a temporary, expedient solution is needed
When to force conflict resolution
When faced with a crisis or a need to enact an unpopular decision
When to collaborate to end conflict
When both views are too important to abandon and when commitment from both sides is needed
