Management Ch. 4 Vocab review

What is the definition of a Business Strategy?

• A strategy to reduce costs by offering no-frills products

• A single business competing in a single industry

• The major actions by which an organization builds and strengthens its competitive position in the marketplace

• A narrative that describes a particular set of future conditions

What does a Concentration Strategy involve?

• Moving into new but related businesses

• A single business competing in a single industry

• Implementing strategies in each functional area

• Identifying the set of businesses and markets

What is Concentric Diversification?

• A strategy to build competitive advantage by being unique

• Moving into new but related businesses

• A negative attitude toward external knowledge

• The process of identifying specific procedures

What is Core Capability?

• Inputs to a system that can enhance performance

• A narrative that describes future conditions

• Unique skill and/or knowledge that gives an organization an edge over competitors

• The basic purpose and scope of operations

What is the purpose of a Corporate Strategy?

• To identify the set of businesses, markets, or industries in which the organization competes

• To implement strategies in each functional area

• To build competitive advantage by being unique

• To describe a particular set of future conditions

What is a Differentiation Strategy?

• A strategy to build competitive advantage by being unique in its industry or market segment

• A strategy to reduce costs by offering no-frills products

• A process of identifying specific procedures

• A negative attitude toward external knowledge

What are Functional Strategies?

• Strategies implemented by each functional area to support the business strategy

• The actions or means managers intend to achieve goals

• Inputs to a system that can enhance performance

• A narrative that describes future conditions

What is a Goal in management terms?

• A strategy to build competitive advantage by being unique

• The targets or ends management desires to reach

• A narrative that describes future conditions

• The basic purpose and scope of operations

What is a Low-cost Strategy?

• A strategy to build competitive advantage by being efficient and offering a standard no-frills product

• A strategy to build competitive advantage by being unique

• A process of identifying specific procedures

• A negative attitude toward external knowledge

What is the definition of a Mission?

• The basic purpose and scope of operations

• A narrative that describes future conditions

• Inputs to a system that can enhance performance

• The actions or means managers intend to achieve goals