Management : Leading & Collaborating in the Competitive World: MGC1 - Principles of Management - WGU Flashcards


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created 8 years ago by ladybeffers
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flash cards for assessment for MGC1 at WGU
updated 8 years ago by ladybeffers
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1

Business Strategy p148 chp 4

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

2

Concentration p144 chp 4

strategy focuses on a single business competing in a single industy

3

concentric diversification p146 chp 4

involves moving into new businesses that are related to the company's original core business

4

conglomerate diversification 146 chp 4

corporate strategy that involves expansion into unrelated businesses

5

core competence 141 chp 4

something a company does especially well relative to its competitors

6

corporate strategy 144 chp 4

identifies the set of businesses, markets, or industries in which the organization competes and the distribution of resources among those businesses

7

functional strategy 149 chp 4

implemented by each functional area of the organization to support the business strategy

8

goal 127

targets or ends the manager wants to reach

9

low-cost strategy 149 chp 4

attempt to be efficient and offer a standard, no-frills product

10

mission 136 chp 4

a clear and concise expression of the basic purpose of the organization

11

operational planning 132 chp 4

the process of identifying the specific procedures and processes required at lower levels of the organization

12

plans 128 chp 4

actions or means the manager intends to use to achieve goals

13

resources 140 chp 4

inputs to production (recall systems theory) that can be accumulated over time to enhance the performance of a firm.

14

scenario 129 chp 4

narrative that describes a particular set of future conditions

15

situational analysis 126 chp 4

process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration

16

stakeholders p138 chp 4

groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies.

17

strategic control system p151 chp 4

designed to support managers in evaluating the organization's progress with its strategy and, when discrepancies exist, taking corrective action

18

strategic goals 131 chp 4

major targets or end results that relate to the long-term survival, value, and growth of the organization

19

strategic management 135 chp 4

involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies

20

strategic planning 131 chp 4

involves making decision about the organization's long-term goals and strategies.

21

strategic vision 135 chp 4

points to the future- provides a perspective on where the organization is headed and what it can become.

22

strategy 131 chp 4

a pattern of actions and resource allocations designed to achieve the goals of the organization

23

SWOT analysis 143 chp 4

assessment of the organization's strengths, weaknesses, opportunities, and threats

24

tactical planning 132 chp 4

translates broad strategic goals and plans into specific goals and plans that are relevant to a definite portion of the organization, often a functional area like marketing or human resources

25

vertical integration 145 chp 4

strategy involves expanding the domain of the organization into supply channels or to distributors